Amazon bought Whole Foods to take on the grocery business — but one competitor shows where its plan is falling flat (SFW, WFM, AMZN)

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Sprouts Farmers Market, a competitor in the organic-foods space, according to

Mark Carden wrote in a Monday note sent out to clients after hosting a meeting with Sprouts executives.

"Much of this is likely due to store placement. Most of 's stores are located in middle income suburbs, while the majority of Whole Foods stores are in zip codes where customers aren't as price conscious. also benefits from its smaller box size, which presents a less overwhelming atmosphere for some shoppers.