Innovation is the lifeblood of entrepreneurs and is on full display at the (South by Southwest) SXSW Conference & Festivals being held this week in Austin, Texas. One thing that you pick-up quickly is companies, entrepreneurs, retailers all are seeking insights to the next step to success or retail area that is ripe for disruption.
It cost more to stay the same than to change / evolve. Grocery store retailers have spent eight years exploring, testing, and innovating with grocerant niche Ready-2-Eat and Heat-N-Eat fresh prepared food garnering new customers most from the restaurant sector according to Tacoma, WA based Foodservice Solutions® Grocerant Guru®. In February 2017 the U.S. Bureau of Labor Statistics reports that grocery prices were once again down 1.7%.
At the same time the U.S. Bureau of Labor Statistics reported that Restaurant menu prices were up 2.4%. Restaurants have not evolved many have capitulated sales, customers counts for eight years while trying everything in the book to maintain their brand positioning. In other words they want to do what they always have and do it the same way. One problem with that the consumer is dynamic not static and according to our Grocerant Guru® all retail food brands need to be dynamic as well.
Restaurant same-store sales fell 2.7 percent in February, according to the latest MillerPulse survey.
Foodservice Solutions® Grocerant ScoreCard aggregate data indicate that price of a meal out or food in general is playing a larger role in where and when consumers chose to eat. Last month alone the price, value, service equilibrium for retail foodservice increased 4.1% in favor of grocery retailers.
Restaurant customer counts / traffic in February once again declined 3.7% this is a trend that is entering its fourth year and is simply unsustainable. That said Foodservice Solutions® innovative industry leading program looking Outside-In and Inside-Out can hasten a company’s ability to identify, quantify, and qualify opportunities in fresh food retail at either a chain restaurant or legacy grocer.
If success does leave clues and they do maintaining the status quo is one thing no company should try to do. After all your customers are dynamic not static. Are you garnering new customers while edifying your brand? This week at SXSW food retailers are doing a lot of things to drive sales is a city filled with disruptors to garner their attention. What is your brand doing so you are not a target for disruption?
Foodservice Solutions® team is here to help you drive top line sales and bottom line profits. Are you looking a customer ahead? Visit www.FoodserviceSolutions.us for more information or contact: Steve@FoodserviceSolutions.us Remember success does leave clues and we just may the clue you need to propel your continued success.