Amazon Pumps $230M into Whole Foods Amid Slowing Physical Store Growth
Amazon is investing over $230 million in its Whole Foods Market division, which has seen sales grow by more than 40% since Amazon acquired it in 2017. The investment will cover higher pay for workers, expanded benefits, and new programs supporting the health, families, and futures of over 100,000 US Whole Foods team members.
The average hourly wage for Whole Foods store workers will rise above $21, with total compensation topping $29 an hour including elected benefits. Eligible full-time team members will also gain access to Amazon's benefits, including health plans starting at $5 a week and company-paid short- and long-term disability insurance.
Amazon plans to open over 100 new Whole Foods stores in the next few years, while converting some Amazon Go and Amazon Fresh locations into Whole Foods. This investment comes as Amazon's broader physical-store business has seen revenue growth slow for four consecutive quarters, despite continued expansion of Whole Foods.