Whole Foods to open lower-cost chain

Whole Foods plans to open a chain of smaller stores with lower prices to attract younger customers and fend off growing competition, The Wall Street Journal is reporting. Whole Foods’ (Nasdaq: WFM) co-founder and co-chief executive John Mackey would not yet provide the chain’s name, how many stores the company plans to open, or where they will open, the paper reports. Some analysts are concerned the new store concept further signals Whole Foods’ high-end grocery model is faltering, and that…