Cracker Barrel could soon be offering customers a revamped menu complete with lower prices, according to a recent proposal from CEO Julie Felss Masino.
During this month’s conference call, Masino, fresh from her time as an executive at Taco Bell, suggested that the company “freshen things in such a way as to be noticeable and attractive” while maintaining the Cracker Barrel brand.
“We’re just not as relevant as we once were,” Masino reportedly said on the call. “[T]he reality is we’ve lost some market share, especially at dinner.”
Masino pointed out how diverse the locations of Cracker Barrel’s 660 locations require different business strategies.
“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 said.
Already, the company has started testing new menu items in 10 restaurants, including banana pudding and green chili cornbread. This fall, all restaurants will see the additions of a chicken and rice platter, pot roast, and hashbrown casserole shepherd’s pie.
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These changes come as other restaurants are also struggling to maintain a customer base. Red Lobster closed some 50 restaurants nationwide and filed for bankruptcy. McDonald’s will soon offer $5 meals. Pizza Hut similarly introduced a complete individual meal priced at $6.99.
Inflation rose by 0.3% in April after a month of increasing by 2.7%. At the same time, it has decreased slightly from 3.5% to 3.4% over the last 12 months.