Fortune had a number of questions for John Mackey, head of Whole Foods, but this one hit home for me:
We’ve heard that some people go after real estate in neighborhoods where a Whole Foods is slated to open. Have you studied your impact on the real estate market?We haven’t commissioned any studies, but I understand that when we opened in Chelsea [in New York City], condos above the store went up 10% in price on the first day. I can look out my window in Austin, where we have our flagship store, and people are building condos all around. The joke is that we could have made a lot more money just buying up real estate around our stores and developing it than we could make selling groceries. That’s one reason we have a lot of landlords aggressively [trying] to get us in as tenants. In Miami and Sarasota, for example, we will have condos built nearby as part of a mixed-use project.