Food & Drink | August 25, 2017 12:34 pm

Amazon Set to Slash Prices at Whole Foods

News of price cuts has sent several grocery store stocks into billion-dollar free fall.

It’s great news for hipsters: The next purchase of a big hunk of brie the artisanal cheeses section at Whole Foods will cost a lot less.

It’s considerably worse news for local bodegas, however, where the financial pain of Amazon’s major announcement will be felt.

According to the Wall Street Journal, Amazon will be begin slashing prices of both staples and pricier foods at its newly acquired Whole Foods stores, which it spent $13.7 billion on. Amazon also announced that it would be providing discounts at Whole Foods chain stores for its 60 million–plus users who’ve opted in to Amazon Prime.

“We’re determined to make healthy and organic food affordable for everyone,” Jeff Wilke, chief executive of Amazon Worldwide Consumer, told the Journal.

With that news, of course, traditional grocery store stocks have taken a tumble to the tune of $12 billion and counting. These include arch-competitor Walmart, as well as Kroger, Costco, and Target.