Food industry heavyweights struggle with 'geriatric brands' and modern consumers' changing tastes
Published Monday, March 11, 2019 9:51AM EDT
As the travails of these and companies show, iconic brands that dominated 20th century American supermarkets are having a much tougher time in the Amazon-Whole Foods era. Many of Kraft Heinz' products are "geriatric brands" that were "created in the early or mid-20th century, at a time when consumers aspired to eat 'American food' and advertising reached almost everyone through television," said Anastacia Marx de Salcedo, author of "Combat-Ready Kitchen," a history of processed foods.
Soups, meanwhile, remain challenged, suffering lower U.S. sales in 2018. Campbell's blamed the decline on the change in promotion strategy by a major retail customer and said retail sector consolidation and the rise of private label competitors could further affect sales, according to a securities filing.
Chief Executive Jeffrey Harmening gave a bullish outlook on the brand during a recent conference call, highlighting wet pet food and treats as two growth areas that have high profit margins. Daniel Binns, chief executive of Interbrand NY, said some of Kraft Heinz's brands, such as pasta sauce Classico or Philadelphia cream cheese can be successfully updated, while others, such as Jell-O or Miracle Whip sauce could fade further.
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