'Some of our recipes and processes haven’t evolved in decades.'
LEBANON, Tenn. - Cracker Barrel CEO Julie Felss Masino said the chain, famous for its Old Country Store, is "just not as relevant as we once were," amid struggles sales.the company's stock has been falling over the past week after Masino , who became the company's CEO nine months ago, claimed Cracker Barrel is "just not as relevant" as it used to be.
“They announced a plan for a plan but they didn’t give investors enough information to judge whether reinvesting in the stores was a credible plan to address the traffic losses,” Bartlett told the publication.“Cracker Barrel is an iconic brand, but even iconic brands have to evolve,” Masino told investors, per NRN. “We know from our research that despite high levels of consumer affinity, we're just not as relevant as we once were.
Per the outlet, Cracker Barrel will remove underperforming items and add new items to its menu, with the company testing an overhauled menu with 20 new items. Some of those items will be added to all locations across the country this fall, including the green chile cornbread and hashbrown casserole, according to NRN.
The outlet added that another change will be strategic pricing initiatives, which will adjust pricing at Cracker Barrel locations that is aligned with the area and store demographics. “We believe there's a large opportunity to improve the way we price both across the menu and across doors to hit the sweet spot where pricing at a store is optimized based on consumer willingness to pay competitor prices and store operating costs,” Masino told investors, per NRN. “We understand the lower-end consumer is challenged, and value is and will remain an important part of the brand. We will work vigorously to protect it.
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