Amazon Will Cut Whole Foods’ Prices, Immediately

So now we know what Amazon.com (AMZN, -0.58%) had in mind when it said in June it was buying Whole Foods Market in a $13.7 billion deal. The online retailer, whose purchase of Whole Foods will close on Monday, said in a press release on Thursday that it would immediately cut prices on a selection of best-selling basic items, with more to follow, and down the line will make Amazon Prime the loyalty program for Whole Foods, offering members special deal and other perks in stores. What’s more, Amazon plans to install Amazon Lockers in a few Whole Foods stores to allow customers to pick up and return Amazon orders at the grocer’s locations. The physical locations should help Amazon speed up its grocery delivery capability. “There is significant work and opportunity ahead, and we’re thrilled to get started,” Jeff Wilke, CEO of Amazon Worldwide Consumer, said in a statement. Read more at Fortune.