THE BAD DEAL

Living Social, the second largest daily deal site after Groupon, has sold $10 million worth of coupons for Whole Foods in under 24 hours. That’s more than this weekend’s combined box-office receipts for Our Idiot Brother, Shark Night 3D and Apollo 18. The Washington, DC-based Living Social sold out of its one million $10 coupons; each are redeemable for $20 worth of groceries at any Whole Foods location. Five percent of the sales price (so, $500,000) goes to the Whole Kids Foundation. Would we rather see a deal company highlight an independent supermarket, a farmer’s market, or at least a smaller behemoth like the excellent Eataly? Of course. Still, we’re impressed at the sheer magnitude of Living Social’s sales. Three final thoughts: 

1. Lines are about to get A LOT longer at Whole Foods. 
2. Expect a similar stunt by Groupon, whose sales have been tanking. 
3. Today, Living Social tried to show investors & journalists that they’re the next 800-pound Gorilla. But they can they repeat this feat?