Whole Food's is planning to open a whole new chain of stores with lower prices.

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The new chain is set to target the millennial generation with cheaper prices than their WF brands.

According to Boston CBS, the company already has a special team in place to focus on the new project. They've already been negotiating leases for the stores. In fact, reps says we should expect to see the new stores next year.

Walter Rob, CEO of Whole Foods said the stores will also appeal to the younger generation with a “modern, streamlined design, innovative technology and a curated selection.”

So what will this new modern chain be called? Whole Foods said it has no name yet but we should know more details by Labor Day.

Lately the company has been facing a lot of competition as organic food has become more mainstream. Whole Foods has over 400 stores across the nation. The company felt the pressure to come up with a new concept that would be able to keep up with competition.

The new "lower price" take on a business stand point should positively effective profits because the new brands will reach a larger group than ever before. In fact, Whole Foods predicts the original chain will triple in revenue.