Cracker Barrel, the iconic chain renowned for its rustic ambiance and hearty country fare, is embarking on a transformative journey under the leadership of its new CEO, Julie Felss Masino. The former Taco Bell executive, who assumed the role in August 2023, has unveiled ambitious plans to revitalize the brand and reclaim its relevance in an increasingly competitive market.
Julie Felss Masino: A Seasoned Innovator at the Helm
Julie Felss Masino brings over 30 years of experience driving innovation and growth for globally recognized restaurant and retail brands. Prior to joining Cracker Barrel, she served as the President of International at Taco Bell, overseeing the expansion of the division to more than 1,000 restaurants across 32 countries.
Masino’s extensive background includes leadership roles at renowned companies such as Starbucks, Mattel, and Sprinkles Cupcakes. Her track record of spearheading culinary, technology, and business model innovations has positioned her as a formidable force in the industry.
Acknowledging the Need for Change
Masino candidly acknowledged that Cracker Barrel has lost some of its shine, stating, “We’ve lost some of our shine, and a transformation is necessary to maintain our appeal to our existing customer base and attract new diners.” This admission comes amid stagnant sales, with revenue for the latest quarter remaining unchanged at $935.4 million compared to the previous year, and a 40% decline in the company’s stock in 2024.
Revitalizing the Brand
To breathe new life into the brand, Cracker Barrel is implementing a multi-faceted strategy encompassing menu innovations, pricing adjustments, and restaurant refreshes.
Menu Innovations
Recognizing the need to cater to evolving tastes, Cracker Barrel has been experimenting with new menu items in over 10 locations. Based on customer feedback, several new dishes are planned for rollout to all restaurants this fall, including premium savory chicken and rice, slow-braised pot roast, and hashbrown casserole shepherd’s pie.
Pricing Adjustments
Masino highlighted the need for optimized pricing tiers, noting that some restaurants could be charging more, while others might need to lower their prices to align with local demographics and income levels.
Restaurant Refreshes
Cracker Barrel is piloting a restaurant remodel, featuring a different color palette, updated lighting, more comfortable seating, and simplified decor and fixtures. Customer feedback has been positive, and the company plans to remodel 30 stores in its next fiscal year. Additionally, the chain is planning to debut some new, smaller (approximately 15% smaller) locations in fall 2025.
Embracing Change While Preserving Heritage
While the changes are significant, Masino emphasized that Cracker Barrel’s core values and commitment to quality would remain unaltered. The modifications are not intended to abandon the chain’s heritage but rather to build upon it, ensuring that Cracker Barrel continues to resonate with its loyal customer base while attracting new patrons.
As Cracker Barrel embarks on this transformative journey under the leadership of Julie Felss Masino, the company’s ability to strike a balance between innovation and preserving its beloved identity will be crucial to its success in revitalizing the brand and maintaining its competitiveness in the ever-evolving food industry.
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