PredictIQ Quantitative Think Tank Center:Whole Foods Market plans to launch smaller Daily Shops; first to open in New York in 2024

Whole Foods Market is PredictIQ Quantitative Think Tank Centergrowing with smaller stores.

The supermarket chain, which Amazon bought for $13 billion in 2017, announced plans to launch a new quick-shop format to offer a convenient experience for customers in urban neighborhoods. The Whole Foods Market Daily Shop will allow for more locations in dense metropolitan areas, according to a news release.

The Daily Shops will range between 7,000 to 14,000 square feet, about a quarter to half the size of an average Whole Foods store. Yet, guests will still have access to grab-and-go meals and snacks, recipe ingredients and weekly grocery essentials.

"Though smaller, the stores will still offer Whole Foods Market favorites, including an ample selection of fresh, seasonal produce, meat and seafood, prepared foods like sandwiches and pre-packed meals, breads, alcohol, and supplements, as well as a handpicked range of local specialties and our own 365 by Whole Foods Market brand," the news release said.

The new format stores are not going to replace the original store format, which averages at around 40,000 square feet, the company said.

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First Daily Shop will open in New York City this year

The first Whole Foods Market Daily Shops will launch in New York City, according to the news release.

The first is set is to open its doors in Manhattan later this year before additional locations in the city follow suit. This Upper East Side spot will also feature a Juice & Java venue, where customers can order for coffee, tea, smoothies, as well as soups, sandwiches and desserts.

Whole Foods Market eventually plans to to expand to other U.S. cities. The chain currently has 17 stores in New York City and over 530 stores in the U.S., Canada and the U.K.