(RNN) – Amazon said that its takeover of Whole Foods will close on Monday, and promised immediate price reductions on “a selection of best-selling staples across [Whole Foods] stores,” according to Yahoo Finance.
Amazon said that’s only the beginning. It will begin to integrate Prime into the Whole Foods point-of-sale system. Once implemented Prime subscribers will eventually become Whole Foods’ customer rewards program.
Grocery stocks nosedived with the Thursday announcement. Amazon’s price cuts will pressure traditional grocers who are already operating on a low profit margin.
Amazon has also said it will enter the meal-kit business, which will put pressure on outfits like Blue Apron.
Whole Foods private-label products will be available through Amazon.com, AmazonFresh, Prime Pantry and Prime Now, Yahoo said. Shoppers will also be able to order select products shipped to their local Whole Foods stores for pickup.
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