By 2013, Trader Joe’s had expanded to approximately 400 locations across 37 states plus the District of Columbia. Of the 414 stores currently open or set to open in the coming year, 172 were located in California (see Exhibit 3 for a list of stores by state). Illinois ranked second with 20 locations. The top five states accounted for 60% of the company’s stores.31 Experts estimated that Trader Joe’s generated approximately $10 billion in annual revenue.32 The company did not disclose financial results, but most analysts believed that it achieved higher returns on investment than most supermarkets in the nation. Experts noted that Whole Foods Market had the highest sales per square foot of any publicly traded grocer in the country. These analysts believed that Trader Joe’s doubled the sales per square foot achieved by Whole Foods (see Exhibit 1 for data on the top chains in the country).33