Essay: Whole Foods Market Incorporation
The food business has been gaining a good pace of profitability all over the world. Like all other businesses, the food business has also undertaken to spread its wings in all the perspectives and has been introduced with innovativeness and advancements.
The Whole Foods Market (WFMI) is a food supermarket chain which stretches on the utilization of natural and organic products and is based in Austin, Texas. According to the estimates for the year 2009, the company has been operating in more than 305 stores, which include the operational stores in different places such as United States, Columbia, Canada and United Kingdom. The company has been consistently occupying the third place on the U.S. Environmental Protection Agency’s list of Top 25 Green Power Partners and is also ranked the third most socially responsible business. (Whole Foods, 2011)
The history of Whole Foods Market dates back to the year 1978, when John Mackey and his girlfriend, Rene Lawson, had opened up a food store in Austin. The couple had borrowed a sum of $45,000 from family and acquaintances and made their living in their commercial store. The, only after a year, the whole city of Austin was destroyed by the most destructive flood and the inventory and equipment of this small store was also wiped out. Due to the non-existence of any insurance policy, the loss amounting to $400,000 was covered up by the pitching in of customers, staff and neighbors to repair the damage. Within the next 28 days, the store was made operational again.