Whole Foods, a chain of stores that for years was plagued with the reputation of selling food that was too expensive for the common man, has been attempting to change its image. The effort has been successful with the company that was in dire financial straits just a few years ago now seeing its stock price rise 38%. MarketWatch reports some of the reasons behind the success:

• The co-CEOs have played a significant role in driving the company forwards. Their successes made them finalists for MarketWatch’s CEO of the year award. Their views on executive pay mean that no employee can receive a base salary that is more than 19 times the average salary.
• The company has a philosophy that involves organic, healthy, chemical and pesticide free products produced in an environmentally friendly way. This philosophy resonates with the 18-30 age group that have a lot of disposable income and have driven sales forward.
• The chain has also become more price conscious and has expanded its in-house brand called 365.
• Whole Foods has also experimented with innovative promotions. They include in-store “value gurus” that help shoppers find personalized bargains, “madness sales” on certain products, and “Fridays Five After Five” that offered food and wine samples for $5.

To read more about some of the grovery chain’s most successful practices click here.

Source: MarketWatch

Via: Freakonomics