CNBC's Jane Wells Offers A Glimpse At Whole Foods' New 'Big Gamble' Concept

Whole Foods Market, Inc. WFM's much anticipated new store concept called "365" was unveiled Wednesday.

The company's co-CEO Walter Robb was interviewed by CNBC's Jane Wells, who described the new initiative as being a "big gamble" for the company.

Wells noted that the new 365 stores are smaller in size, have less employees, fewer products and lower priced products. The question she first asked was how the new concept store is different from the core Whole Foods, and who the company hopes to target.

Innovative Store Format

Robb defended the company's new store format, stating that it is "a fresh, fun contemporary and convenient shopping experience." He added that consumers should be able to "feel the unique nature of the experience."

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Robb continued that the new store format is intended to both create a new experience for the company's already existing loyal customer base, but also attract new shoppers to the Whole Foods brand.

Competition From Peers, Core Store

Wells went on to ask if the new store format is an attempt to better gain market share against one of its top rivals, Trader Joe's. The executive did not directly acknowledge this is the company's intentions, but did say that the store format borrows on concepts from all of the "value players" in the organic and specialty food space. However, he emphasized that his store is "different from anything else in the market right now."

Finally, Robb played off concerns that the new store concept will cannibalize sales from already existing Whole Foods stores. He stated that the new store represents an "and" option for consumers, not an "or" option.