Whole Foods price cuts the right strategy?

Amazon’s Whole Foods Market grocery chain may not get the boost in revenue and traffic that the company is hoping for with its recent price cuts, according to CNBC.

The recent price cuts are probably an “indication that [Amazon’s strategy] hasn’t worked the way they expected it to,” former Walmart U.S. President and CEO Bill Simon, a frequent critic of Amazon, told CNBC’s “Squawk on the Street ” on Wednesday.

Even with the announced average 20 percent off certain items, Whole Foods still has higher prices than other national grocery retailers. A recent analysis from Morgan Stanley revealed that a basket of items at Whole Foods costs $198, while it’s $172 at a conventional grocery store and $157 at Kroger.

To read the CNBC article, click here.