Whole Foods Market has shared more information on its new, value-driven store concept. The new store format, 365 by Whole Foods Market, will be launched in the second half of the next year. The company has lately announced the first five leases of the new brand.

The first five leases are in Bellevue, Washington; Houston; Portland, Oregon; and Santa Monica, California. The first 365 store will be in Silver Lake area of Los Angeles. The company is planning to open up to 365 stores and all in the second half of 2016.

Currently, Whole Foods Market operates in 24 locations in the Los Angeles area. Jeff Turnas, president of 365 by Whole Foods Market, was of the view, "We are really excited about the progress we have made with securing real estate in markets where there is high demand for both quality food and value in a convenient format".

The company thinks that Silver Lake area of Los Angeles is the best place to open their first 365 store. The new concept store will provide a great shopping experience. It is completely a new format and it is considered that the new stores will not only provide convenience and value, but would also meet the quality standards and transparency that consumer expects and appreciates.

The new store will have a mix of products that abide by the company's industry-leading quality standards. Walter Robb, co-chief executive officer, said that marketplace is rapidly changing and in that scenario, they are taking necessary steps, to remain positioned in the longer term.