Piper Jaffray is a Minneapolis-based investment banking and advisory firm. They are known for no-BS analysis after reforms ordered in the wake of the tech bubble, they've been focused on this industry for a decade.
I guess he doesn't spend any time imagining that Starkey Water, veggie sandwich bars and 365 cereal in Silver Lake are going to change the trend.
NOTES: Remember that before buying Fresh Market, Apollo spun off Sprouts and it's growing like a weed. Sprouts is "Natural and Organic for Less." Also, Kroger just completed the final details of its acquisition of Harris Teeter after buying Vitacost. Now they've bought 20% of Lucky's Natural out of Boulder. Lucky's theme is "Organic for the 99%" so imagine that going up in a big beautiful new store right across the street. Game over.
http://www.streetinsider.com/Analyst+Comments/Survey+Shows+Loss+of+Marketshare+For+Whole+Foods+(WFM)+-+Piper+Jaffray/11501452.html