Cracker Barrel is considering introducing a revamped menu with lower prices, according to a recent proposal by CEO Julie Felss Masino.
In this month’s conference call, Masino, who previously held an executive role at Taco Bell, suggested that the company “freshen things in such a way as to be noticeable and attractive” while keeping the Cracker Barrel brand intact.
“We’re just not as relevant as we once were,” Masino reportedly remarked. “[T]he reality is we’ve lost some market share, especially at dinner.”
Masino stressed the importance of tailoring business strategies to the diverse locations of Cracker Barrel’s 660 outlets.
“For example, we have stores in metro areas with an average annual household income of $55,000 in the same pricing tier as one with $90,000,” Masino explained.
The company has already begun testing new menu items at 10 restaurants, including banana pudding and green chili cornbread. This fall, all locations will introduce a chicken and rice platter, pot roast, and hashbrown casserole shepherd’s pie.
These changes come amidst challenges faced by other restaurants striving to retain customers. Red Lobster has closed around 50 restaurants nationwide and filed for bankruptcy. McDonald’s is about to launch $5 meals. Similarly, Pizza Hut has introduced a complete individual meal priced at $6.99.
Inflation rose by 0.3% in April after a month of increasing by 2.7%. Over the past 12 months, it has slightly decreased from 3.5% to 3.4%.
