final copy

LETTEROFTRANSMITTAL
To: Brandt Conner, John Keifer, Ralph Riedel,
Luke Pittaway, Catherine Penrod
From: Team 8
Dan Chips
Bahjat Kseibi
Qiheng Han
Ian Brady
Ryen Hoffman
Date: June 8, 2015
Subject: Supermarket and Grocery Retailing
Industry Analysis
This report, requested by the managing partners of Copeland Associates, dated June 8th, 2015,
describes and discusses the analysis of the supermarket and grocery retailing industry, and the
key success factors thereof. Upon request, we analyzed the supermarket and grocery retailing
industry as a whole, and the two specific companies, Whole Foods Market, Inc. and The Fresh
Market, Inc. More specifically, we analyzed and assessed each company’s current state and
future outlook. Furthermore, we evaluated both companies against our key success factors to
determine which of these two companies is in a better position for success and sustainable
growth in the industry.
Our research was conducted in such a manner that allowed us to gain valuable insights into
each company, the competitors in the industry, and the current market to better understand how
Whole Foods and The Fresh Market are currently positioned and what their future outlook is
within the industry.
Our research and analysis indicated that Whole Foods is currently in a better position within the
industry to achieve sustainable growth in the future. The information was gathered from a variety
of sources, including the company websites, scholarly articles, and Ohio University Library
Resources. Our team would be more than happy to discuss this report with any manager who
wishes to discuss it with us. We thank you for the opportunity to prepare this report, and for
taking the time to read our analysis. If there are any questions or concerns, please feel free to
contact Ryen Hoffman by email at rh995110@ohio.edu, as well as any other team member, and
we will be ecstatic to discuss our findings with you.
Sincerely,
Team 8

Prepared for:
Brandt Conner
John Keifer
Ralph Riedel
Luke Pittaway
Catherine Penrod
Prepared by:
Copeland Associates Team 8
Evaluation of the Key Success Factors
for the
Supermarket and Grocery Retailing Industry
Ian BradyDan ChipsRyen Hoffman Qiheng Han Bahjat Kseibi

TABLEOFCONTENTS
Executive Summery 1
Introduction 2
Industry Analysis 3-4
Market Analysis 4-6
Competitors 7-8
The Companies 9
Financial Comparison 10
Evaluation Method 11
Key Success Factor 1 12-13
Key Success Factor Wrap-up 18
Recommendations for The Fresh Market 18-20
Appendix 21-35
References 36-40
Table of contents
Introduction p.1-8
Company Analysis p. 9-10
Company Evaluation p. 11-17
Conclusions p. 18-20

EXECUTIVESUMMARY
Executive Summary
The supermarket and grocery retailing industry is a mature industry, but with the economy
growing, the revenue in the industry is forecasted to increase about two percent annually for
the next five years. Although the industry is mature and saturated, there is room for
substantial growth in the natural and organic specialty segment of the industry due to the
increasing popularity of healthy lifestyles. Competition in the specialty segment is intense,
and many specialty retailers are focusing on expanding their market share in the segment
and in the grocery retailing industry as a whole. The analysts have developed three key
success factors based on the specialty segment to highlight which company, Whole Foods
or The Fresh Market, is better suited for the future. The three key success factors are:
A unique customer experience.
Natural and Organic retailers pride themselves on providing their customers with a unique
shopping experience. The stores are designed and operated with an environment that
makes the customer want to return because of the welcoming atmosphere and high-end
market feel. The stores are organized with the customer in mind, and the employees of the
retailers are trained to provide the best customer service. The employees are trained to
know the products, and are able to help the customer make decisions on products.
Employee perform extremely well in this segment because management focuses on treating
their employees fairly.
Fresh and quality foods.
Quality services and products are the two most important aspects for any business, and the
Natural and Organic retailers focus on providing their customers with only the highest
quality products. Customers enter the store and are delighted with the experience. Once in
the store, the customers are able to see the exceptional quality of the products. Since the
products sold in Natural and Organic stores are priced higher, consumers expect the best
quality products for their money. The retailers in this segment deliver the highest quality
products for their customers. Without the highest quality products, retailers in this segment
would lose their appeal to customers.
Support from local community.
In comparison to the larger competitors, natural and organic retailers are more involved in
the local communities they serve. This is essential in the conscious capitalism policy that
most natural and organic retailers practice. Because natural and organic retailers are
involved directly with the community they serve, customers feel the retailers are more in
tune with the needs of the community, and customers are more likely to support the
retailers.
Analysis through these key success factors we have determined that the strategy that
Whole Foods has implemented is more likely to lead to sustainable future success,
therefore, The Fresh Market is less favorably positioned for the future than Whole Foods.
We acknowledge that The Fresh Market may be trying to expand its market share
throughout the United States to compete with Whole Foods, but we feel that they do not yet
have the ability to do so. We have developed recommendations for The Fresh Market based
on our research and knowledge of the industry, that will allow it to remain highly profitable
and increase revenue along with their margins.
1

INTRODUCTION
Introduction
This report, in its entirety, is designed to examine the supermarket and grocery industry,
and to analyze the performance of Whole Foods and The Fresh Market against the key
success factors that were established through in-depth research and analysis. An
external analysis encompassing the history, current state, and future outlook of the
industry as a whole was performed to gather a thorough understanding of the industry.
The natural and organic retailing specialty segment was analyzed further by conducting
an analysis of the market and the competition of the specialty segment, along with a
company analysis of Whole Foods and The Fresh Market. The research conducted
provided the basis for the formulation of the key success factors of the specialty
segment. Based on the analysis of the key success factors against the two companies,
recommendations were developed for the company less likely to achieve sustainable
growth.
2
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Conclusion Appendices References
Images 1, 2, & 3.

ENVIRONMENTALANALYSIS
Industry Analysis
Overview:
In 1932, Roy Dawson and Robert Otis created Big Bear Market in Elizabeth, New Jersey,
which revolutionized the grocery retailing industry by creating the first convenient one-stop-
shop grocery experience. During WWII, a shortage of labor forced many retailers to convert
to the concept of self-service by the consumer. After the war, supermarkets and grocery
stores continued the self-service strategy, and the supermarket and grocery retailing
industry continued to rapidly grow throughout the United States (Appel, 1972).
The supermarket and grocery retailing industry in the United States is significantly impacted
by the economy. After the economic crisis in 2008, the supermarket and grocery retailing
industry took a hit to revenue at an estimated -1 percent between 2008 and 2009. The
industry rebounded a 3 percent increase in revenue between 2009 and 2011 and revenue
has been increasing around 1 percent each year since. The economy is expected to
continue doing well, and disposable income is expected to continue increasing over the
next five years as seen in Figure 1.2 (Hoovers, 2015).
3
Figure 1.1 Growth of sales at grocery stores.
Current State of Industry:
Figure 1.2 Rate of changes of industry revenue.
Many retailers are beginning to capitalize on the popularity of social trends such as healthy
lifestyles, organic and natural products, and environmentally friendly production and operational
methods. These are some of the trends that have been shifting consumer purchases in recent
years. This segment is thriving because organic and natural food sales have increased 12
percent in 2013 alone as seen in Figure 1.1. The organic and natural market has continued to
grow, and at this point it is estimated that about 75 percent of consumers have purchased organic
food. Specialized stores like Whole Foods and The Fresh Market have led the way in the organic
and natural food segment of the industry. (IBIS, 2015).
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation

ENVIRONMENTALANALYSIS
Industry Analysis
Current State of Industry:
Increasing popularity of organic and natural
foods will be a main focus for competitors in
the supermarket and grocery industry,
because of high profit margins. Retailers will
look for popular social trends in the
demographics within the areas they serve to
increase revenues and profitability (Passport,
2015). Retailers have also begun to use a
consumer-centered marketing strategy,
which personalizes the shopping experience
for the consumers. Retailers market to their
local area and respond accordingly to local
buying habits by selling the foods that the
local area purchases most frequently. By
personalizing the shopping experience
retailers hope to build customer loyalty
through customized promotions and
discounts (Agnese, 2015).
4
Figure 1.3 Revenue growth from 2000 to
2015.
Market Analysis
Overview:
The supermarket and grocery retailing
industry is dominated by large retailers like
Kroger and Walmart. Kroger represents the
traditional supermarket retailers while
Walmart represents a newer style of retailers
called supercenters. The large retailers
compete for market share with each other in
contrasting styles. The industry has a high
barrier of entry, because of the number of
large retailers that compete for market share.
However, there is room in the industry for
new retailers in the sub-segments of the
industry who will innovate in an attempt to
serve consumers that are not having there
needs met by the larger retailers.
One specialty sub-segment of the
supermarket and grocery retailing industry is
the Natural and Organic grocery retailing
segment. This segment has continued to
grow through the recession due to support
from the healthy lifestyle trend taking place in
America. Whole Foods is leading the charge
into the natural and organic grocery retailing
industry, and many other natural and organic
specialty stores have become successful
across the United States. These retailers
practice conscious capitalism, which means
they prioritize the health of the customers,
their employees, and the environment ahead
of maximizing profits. Many business leaders
and scholars are skeptical of this approach,
but with the recent trends of healthy lifestyle
and an increasing effort to protect the
environment, these retailers are seeing
annual revenue growth.
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Figure 1.4 Trend of obesity among U.S. Adults.

MARKETANALYSIS
Market Analysis
5
Current Needs:
Consumer Needs:
Consumers are currently looking for
simplicity, higher nutritional value, food
safety, healthy snack offerings, and
products that meet the needs of special
diets. The simplicity trend in meals has
been growing consistently. Europeans do a
great job in making simple yet elegant and
tasteful meals, and Americans have been
picking up on this trend. Consumers are
looking for fresh fruits and vegetables,
meats, and other products to make their
meals simple, small, and tasteful. Thus,
making meals smaller and more
nutritionally valuable. While shopping for
groceries, consumers have been
consistently looking for products that
contain more nutritional value than other
products of the same variety. Consumers
are no longer looking for food and
beverage products just to fuel themselves,
but they are looking for products that will
give them greater nutritional value to make
them healthier. Along with the healthy
lifestyle trend, many consumers have
changed their eating habits to include
smaller meals, and healthy between meal
snacks such as yogurts, oats, and energy
bars (Passport, 2015). Food safety has
become a key concern with outbreaks of E-
coli and other contaminants that could be
found in grocery stores. Specialty diets like
vegetarian and vegan diets, as well as an
increasing awareness to celiac disease
have prompted consumers to look for
specialty products while shopping. Many
consumers will shop at the natural and
organic retailers because they are the
stores that best meet the current needs of
consumers by offering a wide variety of
products that meet the wide range of
current needs. Consumers also feel that
natural and organic foods are less likely to
contain contaminants that will make them ill
(Browne, 2011).
% Current Value Growth 2013/14 2009-14 CAGR 2009/14 Total
Food Intolerance 3.5% 5.3% 29.3%
Fortified/Functional (FF) 3.1% 3.4% 18.2%
Naturally Healthy (NH) 2.0% 2.5% 13.2%
Organic 5.2% 4.6% 25.0%
Health and Wellness 1.8% 2.2% 11.5%
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Figure 1.5 Percentage of Current Value Growth

MARKETANALYSIS
6
Market Analysis
Consumer Needs:
Future Needs:
With the increasing popularity of a healthy
lifestyle continuing in the United States, and
the idea that natural and organic products
are healthier than conventional products,
natural and organic products will be a need
for years to come. The rising trend currently
gripping the United States of eco-friendly
practices is also a significant factor
consumers consider. The millennial
generation of consumers, consumers born
1980-2000, will be the leading consumer of
natural and organic products. Millennial
borns tend to purchase natural and organic
products for both health and environmental
reasons (Passport, 2015). Many people in
the baby boomer generation were skeptical
at first, but they are beginning to enter the
natural and organic market due to the health
benefits thought to be provided by natural
and organic foods. Since the recession
purchasing locally has also become a trend
in the United States, and farmers markets
have seen an increase in occurrence.
Consumers enjoy shopping at farmer’s
markets because they are more confident in
the safety of the food when they purchase
from the supplier face-to-face. In an effort to
retain and appeal to more consumers,
natural and organic retailers purchase as
much inventory as they can from local
suppliers (Browne, 2011).
Although many of these trends may indicate
current needs, it is in the near future that the
trends will have their biggest impact. As the
millennial generation begins having families,
they will become the largest consumers of
natural and organic products. This is
especially true with the increase in college
graduates among the millennials because it
will increase disposable income. Also, as
people are continuing to have longer
lifespans, it is logical to believe current
parents will continue to purchase more
natural and organic products. The main
hindrance with natural and organic products
is a lack of trust by consumers. This lack of
trust will begin to dissipate as natural and
organic products become more mainstream.
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Figure 1.6 Organic food sales growth from
2007 to 2012.
Image 4

COMPETITORANALYSIS
Competitors
• More than 400 stores in 40 states
• Offers healthy, organic, and natural products:
• 80 percent of sales are from their own brands
• Target young healthy consumers
• Promotes strong Customer Relationship
Management by providing a laid back
atmosphere.
• Their strategies:
• Offering products at affordable price
• Maintain high quality standard
• Implementing product innovation
• Differentiated products
• Changes its product mix to replace items
• Better manufacturing connection through
exclusive contracts.
• Simplified distribution by cutting down the
middle man and buying directly from the
manufacture.
• Self funded with no debt (Biesada, 2015)
7
• Operates 170 stores in 8 states
• They are trying to expand to 1,200
stores within 15 years.
• Motto: healthy living for less
• Second highest revenue in the natural
and organic retailing industry after
Whole Foods.
• Their quality control manager has
specific steps to follow in order to
ensure that they have the highest
quality products available
• They offer weekly and monthly special's
(Biesada, 2015)
• The company is diversified in the
marketplace by also having Market Cafes
and pharmacy stores.
• Provides nutritional advice through their
website “ Eat well, live well, passport to
family wellness program.”
• They work with local organizations in
order to get their communities active and
healthy. 60 stores are partnered with town
and city recreation centers (Wegmans,
2015).
Trader
Joe’s
Sprouts Wegmans
More
than 400
stores in
40 states
About 170
stores in 8
different
states
84 stores
around New
England
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Figure 1.7 Store quantity and dispersion.

COMPETITORANALYSIS
Competitors
• Operates 2,424 stores in 31 states.
• Largest traditional grocery retailor in the
United States
• Focus on keeping up with customers needs in
order to deliver value by accumulating
surveys and data from their customer loyalty
rewards programs
• Kroger’s goal with its private brands is to build
and solidify customer loyalty
• Kroger’s mission is to “Build Lifetime, loyal
customers with our differentiated, preferred
brands to become the primary reason
Customers drive by our competitors to shop
at Kroger” (Kroger, 2015)
8
• One of the top privately owned
grocery operators in the US
• Emphasizes service and family
friendly image over price.
• It is based primarily in Florida
• Focuses on developing strong
employee relationships (Biesada,
2015)
0 5 10 15
Whole Foods
The Fresh Market
Sprouts Farmer Market
The Kroger Co.
Organic and Natural Food
Revenue in billions
2.97
1
2.97
1.75
14.19
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Figure 1.8 Organic and Natural Food revenue.

COMPANYANALYSIS
The Fresh Market, Inc. Whole Foods Market, Inc.
- Fresh Market Mission Statement: As a
locally owned retailer, Fresh Market is
committed to offering value through
exceptional service, quality, and
freshness.
- Core Values:
- Provide quality customer service
- Provide the “freshest” products
available for the consumer at a
great price
- Support local suppliers
- Support local organizations
- Strengths:
- “Small Box” store format
- “Fact up front” labels
- Provide special nutritional
labels for customers.
- Weaknesses:
- Don’t sell non-food & beverage
items.
- Less established than its
competitors.
- Opportunities
- Growing demand for meat in the
US
- Fresh Market provides
high quality meat.
- Expansion by opening new
stores.
- Threats
- Intense competition
- Rising labor wages in US. (The
Fresh Market, 2015)
- Whole Foods Mission Statement: Our
deepest purpose as an organization is
helping support the health, well-being,
and healing of people, customers, team
members, and business organizations in
general - and the planet.
- Core Values:
- Selling the highest quality natural
and organic products available
- Satisfying, delighting and
nourishing our customers
- Supporting Team Member
happiness and excellence
- Serving and supporting our local
and global communities
- Practicing and advancing our
environmental stewardship
- Creating ongoing win-win
partnerships with our suppliers
- Strengths:
- Focused growth strategy
- Brand image & loyalty
- Weaknesses:
- Product recalls
- International presence
- Opportunities
- Growing pet spending in US
- Opening up WholePaws
in 2016.
- High demand for private labels
- Threats:
- Intense competition
- More stringent product
regulations (Marketline, 2014)
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
9
The Companies

FINANCIALCOMPARISON
Financial Comparison
10
Financial Ratio Comparison
for the years 2013-2014
Whole Foods The Fresh Market
2014 2013 2014 2013
Current Ratio 1.3970 1.8199 1.1176 0.7932
Debt Ratio 33.62% 30.98% 38.82% 45.43%
Debt to Equity 50.64% 42.81% 63.47% 83.26%
Gross Profit Margin 35.54% 35.84% 33.92% 34.09%
Operating Profit Margin 6.58% 6.84% 5.91% 5.52%
ROA 10.08% 10.28% 11.73% 10.82%
ROE 15.18% 14.21% 19.17% 19.83%
Sustainable Growth Rate 11.82% 0.83% 23.71% 16.56%
Internal Growth Rate 7.55% 0.60% 6.23% 11.46%
Based on the financial ratios calculated and provided below as seen in Figure 1.9, it would
appear that Whole Foods is in a better position for sustainable growth than The Fresh
Market. Once the data is analyzed, it is clear that the data for The Fresh Market is slightly
skewed. The balance sheet ratios (current ratio, debt ratio, and debt to equity ratio) were
analyzed, and the outcome of the ratios highlights that Whole Foods is moderately leveraged
in debt, while The Fresh Market is a highly leveraged retailer. This also is because The Fresh
Market has a much smaller equity base than Whole Foods. In terms of income and returns,
Whole Foods operates more efficiently than The Fresh Market, but The Fresh Market uses
their assets and equity more effectively than Whole Foods. The sustainable growth rates and
internal growth rates are more difficult to analyze because of the size of the dividends Whole
Foods paid out to its shareholders in 2013. The Fresh Market did not pay any dividends to
shareholders in 2013 or 2014, and their good Return On Assets and Return On Equity
improves the growth rates. Whole Foods paid out a sizeable dividend in 2013, but their
retained earnings was able to recover after the good year in 2014. The Fresh Market should
continue improving their internal growth rate before considering expansion. Whole Foods
internal growth rate has remained solid even through expanding. Taking into account the size
of retailers and resources available, it is obvious why Whole Foods has higher sustainable
growth rates (Whole Foods, 2014; The Fresh Market, 2015).
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Whole Foods vs. The Fresh Market:
Figure 1.9 Financial Ratio Comparison for the years 2013-2014.

KEYSUCCESSFACTORS
11
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Evaluation Through Key Success Factors
Key Success
Factors
Weight
The Fresh Market Whole Foods
Raw Score
Weighted
Score Raw Score
Weighted
Score
Customer Experience 50%
Product Quality 35%
Local Involvement 15%
Totals 100%
Evaluation Method:
The evaluation of The Fresh Market and Whole Foods through the key success factors
was performed using this table. The companies were evaluated based on the following
scale:
- The Key Success Factors are weighted by significance.
- Each company was scored on their performance of the key
success factors.
- Each score is based on a scale from 1-10 for a maximum possible
total of 30. (1-3; Poor, 4-6; Average, 7-8; Above Average,
9-10; Exceptional)
- The company with the highest weighted score was considered to be the
company in a better position for future growth.
Figure 2.0. Key Success Factor Matrix.

KEYSUCCESSFACTORS
Overview:
Key Success Factor 1: A unique customer experience.
12
When Customers shop for food and groceries they often shop
at the same company throughout their entire lives. This makes
retaining a returning and happy customer base a key to
success in this industry. The Fresh Market and Whole Foods
Market, as well as others in this sub industry, have made
providing a differentiated customer experience a focus in their
operations.
What makes a shopping experience
unique and one of a kind?
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Store Layout and Design
To differentiate themselves from the larger
industry, retailers in the Natural and Organic
segment design their stores in an original way
that offers a unique and more aesthetic
experience.
Employees
Employers in this sub industry focus on training
their employees to provide the best customer
service and have a full knowledge of the
products, including location and nutritional
information in order to guide each customer.
Offering Additional Services
It is common practice in this sub industry to offer
additional services that are uncommon
throughout traditional venues. This includes
nutrition and health seminars, cooking and
shopping guides, and fitness programs through
partnering with local organizations.
Figure 2.1. Shopping Experience.

KEYSUCCESSFACTORS
13
Key Success Factor 1: A unique customer experience.
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
All of The Fresh Market stores use a
replicable store build and design in order to
reflect the European open market strategy.
The Fresh Market brings a fresh and warm
atmosphere through playing classical music,
dark hardwood floors, and vintage styled
displays (The Fresh Market, 2015).
The Fresh Market employs men and women
who represent an attitude of old-world charm,
as well as thoroughly trained in customer
service in order to provide its customers with
an unmatched shopping experience (One
Source, 2015). Experienced store managers
lead their employees by demonstrating warm
professionalism and courtesy. Morgan, an
esteemed district manager of eight years, said
this about her employees; “I believe that the
best employees are those that take pride in
what they do and who they are. I enjoy seeing
their smiles and excitement.” Employees are
also incentivized with endless opportunities to
move up from within the company due to the
company’s determination to only promote from
within. The customer experience is further
enhanced by their website, which offers
guides for their customers that range from
cooking advice, entertainment, and which
wines to pair with your meals as seen in
Figure 2.2 (The Fresh Market, 2015).
Whole Foods provides their customers with
the highest possible level of convenience.
They do this by offering a large variety of
products, thus enabling their customers to
shop at one store instead of multiple (S&P,
2015). Whole Foods separates itself from
other stores by customizing their store
design to fit each local environment. In this
sense no two Whole Foods stores are the
same (Wilson, 2004). Whole Foods also
does a good job of providing their
consumers with a large variety of private
label natural and organic foods. This
creates value in the eyes of the consumer
by offering healthy and organic foods at a
cheaper, more affordable price (Whole
Foods Market, 2015). Whole Foods is
further enhancing its customer experience
by beginning to implement consumer
loyalty rewards programs that give
customers incentive to continue shopping
at their stores. Finally Whole Foods makes
an effort to spread the perception of
responsible production in their stores by
providing rating systems for their fruits,
vegetables, and fresh flowers. This helps
the consumers to trust Whole Foods and
feel more comfortable shopping in their
stores, as seen in Figure 2.2 (MacVey,
2014).
Figure 2.2 Key Success Factors Matrix;
Customer experience performance ratings.
Key Success Factors Weight
Raw Score
Weighted
Score Raw Score
Weighted
Score
Customer Experience 50% 7 3.5 8.5 4.25
Product Quality 35%
Totals 100%

KEYSUCCESSFACTORS
Key Success Factor 2: Fresh and quality foods.
Overview:
Customers looking for all natural, organic, and other healthy foods are most concerned with
the quality of the products they select. Customers that shop at natural and organic retailers
expect high quality products and are willing to pay more for them. The sub industry has
benefited from the rising health concerns in the US by providing the niche market of health
conscious and well informed customers with the healthiest and highest quality perishables and
non-perishables.
14
Measures of Quality:
Supplying Fresh Local Products
Purchasing products through local farmers allows the retailer to supply the freshest meat,
seafood, poultry, dairy, flowers, and produce. The retailers ability to supply unmatched
freshness as well as supporting the local economy allows for maximum customer value.
Healthy and High Quality
Customers expect food to come minimally processed and contain no preservatives, chemicals,
or other non-natural ingredients. Younger customers make up the leaders of this trend,
because they reject overly processed and packaged foods as seen in Figure 2.3.
Environmentally Sustainable Products
Farms that practice sustainability through energy conservation, water conservation and reuse,
natural pesticides like lady bugs and spiders, purification systems for agricultural runoff, and
safe working conditions for the farmers have a highly desired end product, and through
partnering with these farms companies can increase demand for the products they sell.
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
Figure 2.3 Nutrients In Organic Versus Conventionally Grown Fruits and Vegetables.

KEYSUCCESSFACTORS
Key Success Factor 2: Fresh and quality foods
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
At The Fresh Market fresh food is not only
supplied, but celebrated. That is why local
sustainable produce is available for customers
throughout the year, and can be found marked by
easily identifiable Local 100 and Regional 300
labels that tell customers purchasing this product
that they are supporting the local farms. The
Fresh Market offers the freshest and highest
quality domestic and imported cheeses cut off
the wheel or block each day. To ensure the meat
sold in their stores is of the highest quality, an
expert butcher is always on duty to hand cut and
trim. In addition to this, all beef in the store is
rated in the top 10 percent of all US beef. It is
also guaranteed to be tender and juicy, and
produced fresh everyday and only sold on the
day it is produced as seen in Figure 2.4 (One
Source, 2015). The Fresh Market is partnered
with the New England Aquarium in order to
develop the Environmentally Sustainable
Seafood Policy, which will improve the
environmental responsibility of all seafood items
sold in the store, as well as creating sustainability
in their offerings of the highest quality seafood.
The Fresh Market’s privately branded items offer
great value to the customer and do not
compromise quality or taste. The products
offered privately at the Fresh Market have
undergone careful selection from as many
suppliers as possible before they choose one to
incorporate into their private brand line (The
Fresh Market, 2015).
Whole Foods is known for providing the
highest quality natural and organic
products available, and is rated number
one in the supermarket industry for
innovation, social responsibility, and
quality of products and services by
Fortune (Janoff & Schneck, 2011). In
order to ensure the customer that they are
in fact receiving quality products, Whole
Foods utilizes a rating system for items
such as seafood, fruits, vegetables, and
fresh flowers (MacVey, 2014). Similarly,
when purchasing meat to sell in their
stores, Whole Foods refuses to use cattle
that were raised with antibiotics or added
hormones. These additives are used to
increase the size of the cattle in order to
get bigger cuts of meat, but they do not
compliment the Whole Foods mission of
providing healthy natural foods (Whole
Foods Market, 2015). However, recently
Whole Foods has had a small problem
with product recalls. A multitude of
unidentified allergens and contaminations
have been found in a variety of their
products and Whole Foods was forced to
retrieve them from circulation. This
damages the credibility of the quality of
Whole Foods’ products and decreases
their ability to attract customers with their
products as seen in Figure 2.4
(MarketLine, 2014).
15
Product quality performance ratings.
Raw Score
Weighted
Score Raw Score
Weighted
Score
Product Quality 35% 8 2.8 7 2.45
Totals 100%

KEYSUCCESSFACTORS
Key Success Factor 3: Support from local communities
Overview:
Natural and organic retailers who have strong
involvement in the local communities they serve
have increased opportunities to build positive
long lasting relationships with their customers.
Natural and organic retailers often interact with
their customer base by making direct impacts on
the communities in which they serve. Due to this
direct involvement customers feel the retailers
care about the needs of the community, and
trust them to provide for their needs in the
grocery store as well. Natural and organic
retailers are able to impact their communities
through donating food and money, hosting
events, and even partnering with local non-profit
organizations in order to better the health and
well being of their communities.
Making Meaningful Impacts in the Community:
Donating to Local Charities
Hosting fund raisers for charities is a great way to raise money to support the
community, and to bring awareness to the community about the stores products and
services. Donating food to local charities is highly beneficial for the community and often
is an efficient and effective way for a company to donate store goods like bakery or
produce, and many other food items.
Supporting Healthy Lifestyle Growth
Natural and organic retailers support the growth of healthy lifestyle choices by not only
offering healthy food alternatives, but also by offering online nutritional advice and
through partnering with local organizations in order to incentivize exercise and outdoor
activity.
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16

KEYSUCCESSFACTORS
Key Success Factor 3: Support from local communities
From May 29th through 31st of 2015, The
Fresh Market hosted their 21st annual Hope
Floats Sidewalk Sale where they received
donations and sold hotdogs with root beer
floats then donated all of the money to JDRF,
the global leader in Type 1 Diabetes
research. Events like this are hosted year
round by the Fresh Market and are
advertised throughout their website as well
as through their Facebook page in order to
assure a strong turnout and to make the
largest efforts to support JDRF and other
non-profits. These sidewalk sales and other
events have raised four million dollars in total
for JDRF. The Fresh Market supports local
food banks heavily and donates more then
17 million dollars of food a year. No Kid
Hungry is also partnered with The Fresh
Market and have received $757,000 in order
to end childhood hunger throughout the
nation by providing children with the healthy
and nutritional food they need to thrive. The
Fresh Market is a proud contributor to the
Red Cross and has donated $441,000. Other
then these organizations, The Fresh Market
relies on its stores to make community
relationships meaningful and an integral part
of the company (The Fresh Market, 2015).
17
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Company
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Whole Foods lists serving and supporting the
local and global communities as one of its
company’s core values. This means that they
take great pride in supporting the
communities around their stores, and
throughout the world in general (Whole
Foods Market, 2015). Whole Foods has
recently received some criticism for not
utilizing vendors within their communities. In
response to this criticism, Whole Foods has
begun to start utilizing homegrown vendors.
One example of this can be seen when
looking at one of Whole Foods new store. In
the Detroit store you can find products being
sold that were purchased by 30 different
homegrown vendors. This utilization of
homegrown vendors gains local support and
distributes cash flow throughout the city
(Kowitt, 2015). Whole Foods also gets
involved by developing stores that are
tailored to the local market. This means that
they spend more resources putting their
stores together so they will appeal more to
the customer’s wants and needs. (Wilson,
2004.) Whole Foods makes an effort to hold
events like Taste of Thanksgiving and Taste
of the Holidays to raise awareness for the
store’s products while simultaneously raising
money for charity (Baltazar, 2015). This
creates stronger customer relationships as
seen in Figure 2.5.
Local Involvement performance ratings.
Raw Score
Weighted
Score Raw Score
Weighted
Score
Local Involvement 15% 9 1.35 9 1.35
Totals 100%

RECOMMENDATIONS
18
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Fresh Market relies on people getting information about their stores primarily through
word-of-mouth. This makes it harder for consumers to learn about what The Fresh Market
does and what sets them apart from other retailers. We recommend that The Fresh
Market begins to more strategically target the younger demographic, ages 18-35. This will
allow them to attract more health conscious consumers that will soon be building families
that they will need to provide for with fresh foods.
Conclusions
Raw Score
Weighted
Score Raw Score
Weighted
Score
Local Involvement 15% 9 1.35 9 1.35
Totals 100% 24 7.65 24.5 8.05
Target younger demographic:
How to implement
• Create advertisements that inform the
consumers about their fresh and nutritious
foods
• Show happy young adults feeding their
families with the nutritious foods from
The Fresh Market
• This will allow them to continue spending
money on promotional signage and events that
enhance their consumer experience
After evaluating The Fresh Market and Whole Foods through the key success factors, it is
clear that Whole Foods is in a better position for future growth in the industry. The Fresh
Market still scored well, and with a few new strategies or adjustments they will be ready to
challenge Whole Foods in the future. Using the research and analysis already compiled, a
list of recommendations was put together that The Fresh Market will be able to implement
in order to achieve more success. The implementation strategy for the recommendations
and the limitations surrounding these recommendations are also discussed. These are
available to be viewed throughout the rest of the conclusion.
Total performance ratings.
Key Success Factor Wrap-up:
Limitations
• Limit advertising costs to
current spending on
advertising
• Scale of operations

RECOMMENDATIONS
Introduction
Industry
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Company
Analysis
Company
Evaluation
Southeastern Expansion:
The Fresh Market has been continually
expanding its store base throughout the
southeastern states. Their current
expansion plans involves expanding
through existing markets as well as
expanding to new market bases. Do to
high returns in the 10 Southeastern states
that make up its core, expanding its store
base throughout the region will prove
profitable. Analysis done by a real-estate
analytics company said that it could
double its store base throughout the
region without cannibalizing its new
stores sales (Gallagher & Carlock, 2014).
How to implement
• Focus expansion in the southeast
where they have seen successful
same store sales growth such as in
Alabama, Georgia, and South
Carolina
• Focus expansion in areas where there
is high demand for their product
offerings and services with limited
supply from retailers in this sub
industry such as in Mississippi and
Louisiana
• Will reduce risk due to preexisting
relationships with suppliers in that
region, and familiarity where The
Fresh Market’s products that already
exists. (Zwiebach, 2014)
19
Conclusions
4
2
6
42
12
3
1
21
7
8
The Fresh Market stores contain only food and
beverage products. This poses an inconvenience
to the customer because it requires them to shop
at multiple stores for other necessary items. We
recommend that The Fresh Market incorporates
other non-grocery items in their stores such as
household goods, over the counter medications,
and nutritional supplements to make it more time
efficient for customers.
How to implement
• Opening less stores allows them to increase
average new store sizes
• Focus on expansion in the southeast
Product Variation:
Figure 2.7 Number of The Fresh Market store
locations in the Southeastern United States.
Limitations
• Limited to doubling their store size
before running into cannibalization
• Limited to regions of demand
Limitations
• Limited floor space
• Limited to current product spending

RECOMMENDATIONS
We believe that The Fresh Market could
be more involved in the community than
they already are. They can do this by
holding informational sessions in those
communities. This will be beneficial,
because one of the biggest problems in
the natural and organic food industry is
trust of the products, and consumers
being presented with too many products
that they do not know the difference
between. The informational sessions
will benefit the company in multiple
areas including educating consumers
on benefits, advertising their store, and
expanding their consumer base.
Utilize solar panels:
Customers that purchases organic and natural food tend to be more environmentally
conscious, and by implementing an eco friendly energy source, The Fresh Market could
improve customer relationships. The Fresh Market should use natural energy sources such as
solar panel energy. Most of The Fresh Market stores are located in the Southeast where solar
panel energy is very successfully utilized. This will lead to lower costs of electricity bills, and
show how environmentally conscious The Fresh Market is.
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20
Utilize local distributors:
If The Fresh Market concentrates its stores in the Southeast they can purchase products directly
from the distributors instead of purchasing products from wholesalers, thus reducing the supply
chain and reducing the cost of purchasing products.
How to implement
• Hold sessions quarterly
• Lead by department heads
• Spread by in-store and local
advertisements, and by word-
of-mouth through consumers
• Rent out large conference
rooms to educate consumers
• Discuss the advantages of
purchasing natural and
organic foods, what makes
food organic or natural, and
educate consumers on the
specific nutritional benefits of
certain products
Conclusions
How to implement
• Build more stores where they dominate the market
• Utilize local distributor in place of wholesalers to reduce operating costs
• Appear in a multitude of larger cities around the Southeast
Limitations
• Limit amount of new stores in order not to over-demand local suppliers
How to implement
• Conduct trial run on select stores
• Analyze results and determine whether or not to implement to other stores
Educate community:
Limitations
• High start up costs
• Limit the implementation to a few stores at first and expand if consumer base grows
and increases profits
Limitations
• Opportunity
costs
• Rent expense
• Consumer
interest

Appendix A
• Agricultural products price declining
• Revenue Volatility is low
• Disposable income is Increasing
• Quality with High Prices
• Quantity with Maximum Price Value
• Healthy Living is on the Rise
• Online Shopping is on the Rise
• Smart Phone Apps and Marketing
• Improved Checkout Technology
• USDA sets Regulations for Stores
• FDA sets Regulations for the Farms
• Labor Union Regulations
• Environmental Protection Agency
• Ecommerce allows shopping from
anywhere at anytime
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APPENDIX
21

APPEND
IX2
• Competitive Rivalry
• 75 major competitors
• Many more local and
small retailers as well
• Traditional supermarkets and
groceries tend to provide quality
over value, where as new
supercenters and warehouse
clubs are providing more value
• Customer service is also a large
difference,
• The availability of organic foods
has created another difference
• Supercenters and whole sale
clubs have lower costs than
traditional groceries
• All stores have pushed costs
onto manufacturers
• Walmart and
supercenters still do
more of this
• Consumer loyalty
• Consumer centered marketing
for personalized experience
Threats of New Entry
• Moderate Entry Barriers
• Tough to establish retailer to
supplier relationships
• Pre-existing relationships
with big retailers
• Medium amount of capital
required
• Inventory
• Machinery
• Fixed Assets
• Competition varies between
segments
• No license to open or operate a
standard grocery store
Threats of Substitution
• One stop shops (supercenters)
• Drug stores
• Convenience Stores
• Online Shopping
• Restaurants
• Organic
Buyer Power
• With the Quality vs Quantity
tradeoff, retailers must figure
out a way to optimize their
product and target the most
optimal segment of the
consumer base. (Net
Advantage)
• Consumers can choose
retailers by convenience.
• Consumers can choose
shopping venues based
on convenience of “one-
stop-shop” and better
customer service. (IBIS)
• Online Shopping
• Drug Stores
(IBIS)
Supplier Power
• Walmart changed Supplier
Power when they
reconstructed supply
chain.
• Which allows them
to obtain significant
cost savings and
pass them down to
consumers at a
heavily discounted
price.
• Price drives demand
• Consumers are more
comfortable with private
brands and have less
brand affiliation
• To keep brand power,
brands provide consumer
loyalty rewards
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APPENDIX
22
Appendix B

APPENDIX
Introduction
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SWOT Analysis of Whole Foods Market:
Appendix C
Strengths
Whole Foods is the largest natural
and organic grocery retailer in the
United States. The two biggest
strengths for this company is the fact
that they have a focused growth
strategy and strong brand image and
loyalty. Their focused growth strategy
allows Whole Foods to take
advantage of the niche market of
health conscious consumers, and
their strong brand image and loyalty
allows them to retain repeat
customers (Marketline, 2014).
Weaknesses
Whole Foods greatest weaknesses
are their weak international presence
and their recent troubles with product
recalls. Having a weak international
presence limits Whole Foods ability to
expand further, and recent product
recalls have lowered the consumers
ability to trust their claims to high
product quality (Marketline, 2014).
Opportunities
Future opportunities that Whole
Foods may use to give themselves a
competitive advantage are the
growth of pet spending in the United
States, and the increasing demand
for private labels. When Whole
Foods implements their WholePaws
brand in 2016 and continues to strive
at providing quality private labels,
they will increase their sales
exponentially and put themselves in
a greater position in the market
(Marketline, 2014).
Threats
Because the natural and organic
grocery retailing industry is such an
up and coming market, there will be
very intense competition and more
stringent product regulations. This
means that Whole Foods will have
to continue to improve their strong
customer service, and provide
quality food that hold up to new
regulation standards (Marketline,
2014).
23

APPENDIX
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SWOT Analysis of The Fresh Market:
Appendix D
Strengths
The Fresh Market provides the freshest
products available, with fact-up-front
labeling . This provides nutritional
information right on the front of the
products packaging, which allows its well
informed consumer base to make the
best decision possible. Also the small
box format employed at the fresh market
increases customer visits as the products
they offer are used up more quickly then
big box competitors. More frequency in
visits to the location increase customer
loyalty and increase sales volume (The
Weaknesses
The size of The Fresh Market is relatively
small in comparison with the competitors
in the industry. The size discrepancy
limits the resources available to The
Fresh Market, which in turn reduces their
opportunities within their operations. The
product line offered by The Fresh Market
is limited to perishable and non-
perishable food items. The limited product
line can reduce a Customers interest in
visiting the store, because other
competitors carry more products
pertaining to household commodities (The
Opportunities
The Fresh Market offers the freshest
and highest quality meat products
around, by ensuring Customers that
their ground beef is ground daily and not
sold after the day it is prepared. With the
growing demand for meat in the US, as
well as the rise in interest for healthy
and high quality foods, The Fresh
Market is positioned well to see
continual sales increases.
A real-estate analytics company said
that The Fresh Market can double its
store base in the southeast, where it
has seen consistent sales growth,
with out cannibalizing its new stores
sales (The Fresh Market, 2015).
Threats
The food and grocery retailing industry
is highly competitive, which drives
down profitability depending on
location. Larger Stores are beginning
to increase their offerings of premium
quality goods, as well as natural and
organic goods. The scale of the
competitors in their industry allows
them to price their products lower then
The Fresh Market. If larger stores enter
markets near The Fresh Market, with
vast and less expensive natural and
organic goods, The Fresh Market will
lose profitability as it will be forced to
lower prices in order to stay
competitive (The Fresh Market, 2015).
24

12.32%
11.28%
12.77%
11.90%
10.64% 10.47%
11.45%
9.00%
LevelofInterest
United States Regions
US Regional Breakdown of Interest
in Natrual and Organic Products
Mid-Atlantic New England Pacific Coast Southwest
Mountain West Midwest Southeast Heartland
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APPENDIX
25
Appendix E
This graph shows the break down of people interested in natural and organic
products by region in the United States. The Pacific Coast and the Mid Atlantic
regions of the United States contain the most interest in natural and organic
products.

$47,187
$46,165
$44,983
$37,400
$41,501 $41,498
$36,205
$39,518
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
US Regions
Avg Household Income
in the US by Region
Mid-Atlantic New England Pacific Coast Southwest
Mountain West Midwest Southeast Heartland
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APPENDIX
26
Appendix F
This graph shows the average household income in the United States by
region.

Introduction
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Company
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APPENDIX
12.32%
11.28%
12.77%
11.90%
10.64% 10.47%
11.45%
9.00%
LevelofInterest
United States Regions
US Regional Breakdown of
Interest
in Natrual and Organic
Products
Mid-Atlantic New England Pacific Coast
Southwest Mountain West Midwest
$47,187
$46,165
$44,983
$37,400
$41,501$41,498
$36,205
$39,518
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
US Regions
Avg Household Income
in the US by Region
Mid-Atlantic New England Pacific Coast
Southwest Mountain West Midwest
Southeast Heartland
Appendix G
Using both of these
graphs it is interesting
to note that there is not
a strong correlation
between average
income per region and
the percent of people
interested in shopping
for natural and organic
products.
27

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Appendix H

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Appendix I

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30
Appendix J

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Appendix K

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Appendix L

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Appendix M

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34
Appendix N

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Appendix O

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from http://newhope360.com/nfm-market-overview/organic-continues-double-
digit-gains
McKitterick, W. (2015) Industry revenue. Retrieved from
http://clients1.ibisworld.com.proxy.library.ohiou.edu/reports/us/industry/ataglan
ce.aspx?entid=1040
McKitterick, W. (2015) Revenue growth. Retrieved from
http://clients1.ibisworld.com.proxy.library.ohiou.edu/reports/us/industry/ataglan
ce.aspx?entid=1040
Statista. (2015). Organic food sales growth in the U.S. from 2000 to 2012.
Retrieved from http://www.statista.com/statistics/196962/organic-food-sales-
growth-in-the-us-since-2000/
Watson, L. (2008). “Nutrients in organic versus conventionally grown fruits and
vegetables.” Retrieved from https://helix.northwestern.edu/article/organic-food-
really-worth-extra-cost
Wegmants. (1916). [Wegmans Logo]. Retrieved from
https://www.wegmans.com/webapp/wcs/stores/servlet/CategoryDisplay?storeI
d=10052&identifier=CATEGORY_1381
List of Figures
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
39

REFERENCES
Are Design Awards. (2015). 2015 Design Awards Winners: Whole Foods Market.
Retrieved from http://aredesignawards.com/award_winner_detail.cfm?key=66
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Healthline. (2015). “Newsflash: both ADA and JDRF getting new CEO’s.” Retrieved
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leaders#1
Kroger. (1883). [Kroger Logo]. Retrieved from http://www.thekrogerco.com/about-
kroger/history-of-kroger
Publix. (1930). [Publix Logo]. Retrieved from
https://www.sprouts.com/stores/search?dest=myflyer
Sprouts. (2001). [Sprouts Logo]. Retrieved from https://www.sprouts.com/
Trader Joe’s. (1958). [Trader Joe’s Logo]. Retrieved from
http://www.traderjoes.com/our-story
The Fresh Market. (1982). [The Fresh Market Logo]. Retrieved from
http://www.thefreshmarket.com/about/
The Fresh Market. (2015). The Fresh Market: Grocery Store. Retrieved from
https://www.facebook.com/TheFreshMarket?fref=ts
Watson, L. (2008). “Nutrients in organic versus conventionally grown fruits and
vegetables.” Retrieved from https://helix.northwestern.edu/article/organic-food-
really-worth-extra-cost
Whole Foods Market. (1980). [Whole Foods Market Logo]. Retrieved from
http://www.wholefoodsmarket.com/company-info
List of Images
Introduction
Industry
Analysis
Company
Analysis
Company
Evaluation
40

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