Cracker Barrel, America's beloved "old country store," is on the brink of change. The new CEO wants to make the company "more relevant." Stocks are slipping, and loyal customers are dwindling.
"We're just not as relevant as we once were," said Julie Felss Masino, who became CEO nine months ago, during an investor call. "Some of our recipes and processes haven’t evolved in decades."
What can customers expect? A fresh image and new menu items. The chain, with over 600 locations, is famous for its southern country vibe and comfort food.
The company announced a $700 million plan to attract new diners. This includes a rebrand and new menu tests like green chili cornbread, banana pudding, and hash brown casserole shepherd's pie at various locations.
"The brand has lost some of its shine," Masino admitted. She stressed the need for evolution while maintaining the iconic rustic charm.
Reports show that the largest customer demographic, those 65 and older, hasn’t returned since the COVID-19 pandemic began.
"The goal was to freshen things noticeably and attractively but still feel like Cracker Barrel," Masino explained. She noted that feedback has been generally positive.
Price changes might be on the horizon. Some locations may see price hikes, others might see cuts. However, Masino promised that Cracker Barrel's commitment to value remains firm.
Management doesn’t expect to see the benefits of these investments until 2026 or 2027, according to the New York Post.