Whole Foods Market (WFM), the upscale grocery store sometimes derided as ‘Whole Paycheck’ for its prices, is planning to launch a new chain of lower-priced stores for people who can’t otherwise afford to buy its premium and organic food. 
 
 The Austin-based company said on Wednesday that stores in the new format would offer a “curated” selection and have a simpler design to cater to people who want Whole Foods quality without paying Whole Food prices, particularly customers in their 20s and 30s. In other words, Whole Foods is taking on Trader Joe’s. 
 
 Whole Foods co-CEO Walter Robb said that the company is building a team that will be dedicated solely to this project and that it is already negotiating leases to build a chain, whose name was not disclosed. He said the new chain could eventually be as big as the original 373-store Whole Foods. 
 
 “It will deliver a convenient, transparent, and values-oriented experience geared toward millennial shoppers, while appealing to anyone looking for high-quality fresh food at great price,” Robb said in a statement. “We believe the growth potential for this new and complementary brand to be as great as it is for our highly successful Whole Foods Market brand.” Executives on a call with Wall Street analysts spoke of increasing the “accessibility” of organic food. 
 
 More details will come by early September, he added. The grocer plans to start opening its first stores in the new format next year, with a quick expansion to follow. 
 
 The news comes amid new signs that Whole Foods’ fast growth engine is sputtering. The grocer reported same-store sales rose 3.6% in the 12 weeks ended April 12, below Wall Street expectations for 5.3% growth, according to Consensus Metrix, and a fraction of the double-digit growth in recent years that had made Whole Foods a Wall Street darling. 
 
 What’s more, little improvement seems imminent: same-store sales in the current quarter through May 3 were up 2.8%. Shares fell 12% in after-hours trading, adding to a 17% decline from recent highs. 
 
 Whole Foods’ performance was particularly disappointing to investors because the company had cut prices on fresh produce and other items to attract new customers who balked at its pricy selection, and rolled out its first ever national advertising campaign. 
 
 The company has been losing market share to aggressive rivals like specialty retailers Sprouts Farmers Market and Fresh Market, as well as giants like Kroger (KR). Whole Foods, known for its natural and organic selection, will soon face vastly improved grocery selections at Wal-Mart Stores (WMT), the largest U.S. grocer, and a resurgent Target. (TGT) 
 
 For more about Whole Foods, watch this Fortune video: ||||| Whole Foods is gearing up to open a new, lower-cost chain of stores next year aimed at younger shoppers. 
 
 The new chain will cost less to operate, but be "hip, cool, and technology-oriented," CEO John Mackey said on a conference call. The idea is to stock cheaper goods that will attract cost-conscious buyers, while maintaining the company's quality standards. 
 
 Whole Foods (WFM), a pioneer in high-end groceries, continues to open new stores every year. But the company -- which some refer to as "Whole Paycheck" -- has sought to diversify as more competitors pile into the market. 
 
 "We've been so successful that we've actually bred a lot more competition and everyone is jumping on the natural and organic food bandwagon, and that's really, frankly, due to our success," Mackey said. "You have to be willing to evolve with the marketplace ... to serve your customers." 
 
 Whole Foods is currently negotiating leases for the new stores, but Mackey declined to give the name and number of stores planned. He said the company would announce more details by early September. 
 
 The company announced quarterly earnings on Wednesday. Same-store sales grew by 3.6%, and overall sales jumped 10% to a record $3.6 billion. But investors were expecting better figures, sending the stock down by more than 11% in New York after-hours trading. 
 
 Whole Foods currently operates 417 stores and plans to open 23 new ones this year. The company said it expects sales growth this year of more than 9%, and same-store sales growth in the low to mid-single digits.
– Good news, college students: Soon you, too, may be able to afford groceries at Whole Foods. The chain will soon start adding lower-priced stores meant to appeal to people in their 20s and 30s (and anyone else who doesn't want to pony up), co-CEO Walter Robb announced yesterday. Eventually, there could be as many lower-priced stores—no name has yet been announced—as there are Whole Foods stores, he said. What exactly will they offer? A "curated" selection of items and a simpler store design, Fortune reports. "It will deliver a convenient, transparent, and values-oriented experience geared toward millennial shoppers, while appealing to anyone looking for high-quality fresh food at great prices," Robb said in a statement. Co-CEO John Mackey added that the new stores will be "hip, cool, and technology-oriented," but will cost less to operate, CNNMoney reports. The first stores will open next year, and more details will be out by September of this year.