Shoppers flooded into Whole Foods Market Inc. after price cuts in August, but new research shows it may have been short-lived.
When Amazon.com Inc. closed on its $13.7 billion acquisition of the grocer, it marked the occasion by cutting costs on more than 100 items from eggs to kale to bananas.
The week after the price cuts, which began on Aug. 28, foot traffic was up by 17% versus the prior-year period, according Thasos Group, an alternative data firm that does research for investors like hedge funds. It came up with the numbers by looking at the geolocation data on hundreds of millions of mobile phones.
Two weeks later, though, foot traffic was just 4% above the prior year period, the data showed.
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