Cracker Barrel is a popular restaurant known for its rustic charm and country dishes like biscuits and gravy. However, the new CEO, Julie Felss Masino, believes that the old approach is no longer working, and the company is in need of a transformation to stay relevant. Sales have flatlined, and the stock price has tumbled, prompting Masino to make changes to refresh the brand and bring back customers.
One of the challenges facing Cracker Barrel is its competition with other food chains, and the company has been struggling to keep customers coming back. Masino mentioned that they are not leading in any area and have lost market share, especially at dinner time. To address these challenges, Cracker Barrel conducted a study comparing itself with competitors based on food, experience, value, and convenience.
To make itself more relevant to guests, Cracker Barrel has been experimenting with new menu items, such as green chili cornbread and banana pudding, in select locations. Based on customer feedback, the company plans to roll out new dishes, including premium savory chicken and rice, slow-braised pot roast, and hashbrown casserole shepherd’s pie, to all its restaurants this fall. Additionally, the chain plans to tweak its pricing tiers to better reflect the income levels of the areas where they are located.
Cracker Barrel is piloting a remodel of its restaurants, including a different color palette, updated lighting, more comfortable seating, and simplified decor and fixtures. The goal is to freshen things up while still maintaining the essence of Cracker Barrel. Customer feedback on the changes has been positive, and the company plans to remodel up to 30 stores in the next fiscal year. In addition, new locations opening in fall 2025 will be about 15% smaller than current restaurants.
The company recognizes that it needs to make significant changes to attract customers and move the brand forward. Masino emphasized the importance of staying true to Cracker Barrel’s roots while making noticeable updates to the restaurants. The chain is committed to improving the overall dining experience for its customers and is taking steps to address pricing, menu options, and restaurant aesthetics in order to stay competitive in the market.
Overall, Cracker Barrel is undergoing a transformation under the leadership of its new CEO, Julie Felss Masino. The company aims to refresh the brand, bring back customers, and remain relevant in a competitive market. By revamping its menu, adjusting pricing, and updating restaurant aesthetics, Cracker Barrel hopes to attract both its current customer base and new diners, ensuring its continued success in the future.
