Whole Foods to launch lower-cost markets for millennials

AUSTIN, Texas (WLS) -- Whole Foods is looking to launch a new, lower-cost chain of supermarkets.

In a press release, Whole Foods co-CEO Walter Robb said the new markets will "deliver a convenient, transparent, and values-oriented experience geared towards millennial shoppers, while appealing to anyone looking for high-quality fresh food at great prices."

The company also said they are building a team to focus on the new lower-cost markets, and is currently negotiating leases. Whole Foods plans to begin opening the new stores in 2016.

Further details may be released later this year. Whole Foods currently has more than 400 stores nationwide.