This post is one in a series on prominent company nicknames. See all 25, and share your thoughts and memories about Whole Paycheck below in the comments.
Having long shopped at overpriced gourmet foods markets, I'll admit to having rolled my eyes a bit -- maybe even scoffed -- when I first heard the beloved nickname for Whole Foods (NASDAQ: WFMI), "Whole Paycheck." Of course, this was also when I was single and living on a dot-com boom-style income.
Today, I rarely shop at Whole Foods; there isn't one in my neighborhood, and it's true: it's not difficult to spend upwards of $100 on ingredients for one meal. While there are choices on the lower end of the price spectrum, especially in the company's 365 house brand line and seasonal produce, the grocery chain has long prided itself on providing a wide range of organic and gourmet ingredients; and if its customers demand star fruit from Brazil, stinky cheeses from around the globe, and sushi-quality tuna, by all means, Whole Foods will provide it, and won't bat an eye about charging for its hard work.
Not surprisingly, the company is chagrined about its pricey moniker, especially in an atmosphere of rising food costs and growing discontent amongst consumers. In a recent New York Times article, co-president Walter Robb was quoted as saying, "I'm getting a little tired of that tag around our neck. We are a lot more competitive than people give us credit for. We challenge anyone on like items." Whole Foods the economic choice? But what about the "Whole Paycheck" nickname? We people love our affectionate diminutives, how can we let 'em go?
Maybe you won't have to. After all, with prices rising all over the grocery spectrum, it could take a whole paycheck to shop just about anywhere. Walter, et al.: embrace your nickname! You'd rather have your customers signing over their paychecks to you than WalMart, wouldn't you?