In a surprising press release this morning, Trader Joe’s announced they will be closing all 457 locations by January 2017. The company has been having financial problems for a while, and with online sales and so many new organic food stores opening competition has been incredibly stiff. The past year they have been slashing prices to combat their main competitor Whole Foods, however this was not enough to keep up.
“The competition has been steeper and steeper every quarter,” said CEO Dan Bane. “At this point, there isn’t enough cookie butter in the world to pave the road ahead.” They will start rolling out store closings in May of this year starting with Florida locations.
Broker and Co-owner of Penrose Realty as well as Penrose PM&D