This article discusses the recent increase in prices of staple food items, such as bread, milk, and sugar. Restaurants have also begun raising their prices as a result. Another result of such price increases is that Americans are changing the way they spend throughout the country. People are staying in more, eating at fast food restaurants rather than expensive restaurants, and are switching the places where they shop for groceries.
These price increases are presenting a problem for food companies in this economy. It is crucial that people continue spending, and, as stated by BJ’s chief financial officer Greg Levin, “In this business, you can't just raise prices without improving the overall dining experience.” Companies need to change what they’re doing in order to continue attracting customers, especially customers who are choosing to save their money and stay home rather than dine out. This is yet another example of a way that companies need to constantly change and update their methods of business to keep up with the consumers’ needs.
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