Cracker Barrel CEO Julie Felss Masino recently admitted that the brand is not as relevant as it once was, leading to a need for change. The company is looking to revamp its restaurants with new decor and menu items in an effort to attract a wider range of customers. In addition to new changes, the company is also offering discounted dinners from 4 to 6 p.m. as a temporary fix for declining revenues.
The Covid-19 pandemic has negatively impacted Cracker Barrel, with older clientele remaining cautious and visiting the chain less frequently. This has led to a decline in both restaurant and retail sales, causing the company’s stock to drop significantly. The new early-bird deals are an attempt to attract a wider customer base, including younger consumers and budget-conscious seniors.
The early-bird specials, available Monday through Friday from 4 to 6 p.m., offer reduced portions of Cracker Barrel’s signature comfort food at a discounted price. These specials are part of the company’s overall pricing strategy and have been successful in attracting customers during non-peak dining hours. Despite some concerns about the offering becoming too popular, Cracker Barrel sees it as a necessary step to stay competitive in the current market.
Enticing younger consumers during the early dinner period will depend on how the company advertises the specials, as the association with early dining and seniors is deeply ingrained in the culture. The company expects to take years to fully revamp its brand and operations, but is focused on improving sales in the meantime. Cracker Barrel is competing with other restaurants offering deals and bundles, and recognizes the need to offer discounts to attract customers.
Overall, Cracker Barrel is facing challenges in remaining relevant in a changing market, and is making strategic changes to attract new customers and increase sales. The company’s new early-bird specials are part of a larger effort to revamp the brand and appeal to a wider demographic. While there are risks involved in offering discounted meals, Cracker Barrel sees it as a necessary move to compete with other restaurants and drive revenue growth.
