AUSTIN, Texas – Whole Foods Market announced yesterday that its planned chain of lower-priced stores will be called "365 by Whole Foods Market," an extension of the private label brand already used throughout the company’s stores.

Last month, Whole Foods declared that it hoped to shed its “Whole Paycheck” reputation as a seller of fresh but expensive foods by launching a new format in 2016 that would target younger customers by stocking lower-priced items.

As demand for organic, fresh and locally sourced ingredients continues to grow, mainstream grocery retailers have been encroaching on the market established by Whole Foods by offering competitive prices, writes USA Today. That competition was made clear in news reports last month citing Costco as the largest national retailer of organic products. The publication points out that Whole Foods faces competition from smaller specialty grocery stores like Trader Joe’s, as well as big-box retailers like Walmart and Target, which have enlarged their grocery shelves and opened smaller, urban format stores.

According to news reports, Whole Foods Co-CEO Walter Robb said that the new 365 stores will have "modern, streamlined design, innovative technology and a curated selection." And while they'll be aimed at younger customers, Robb said the stores will appeal "to anyone looking for high-quality fresh food at great prices."

Whole Foods has appointed company veteran Jeff Turnas as president of 365.