Executives at Nestle SA and Unilever Plc said they have seen billions in savings after ditching the laggards in their product portfolios.
Conagra recently discontinued a Marie Callender’s chocolate chip cookie dough cream pie to make room for what the U.S. food company hopes will be a faster-selling no sugar added apple pie.
Mondelez International Inc CEO Dirk Van de Put told Wall Street analysts at the conference that the Oreo maker had clear rules on replacing old products with new ones – “one in, one out.” Companies cull product offerings to make room for new iterations of their most popular items, such as smaller-sized versions for dollar stores or larger ones for warehouse chains like Costco, said Justin Cook, U.S. consumer products research leader at Deloitte. Cash-strapped shoppers are more frequently looking for bargains at both types of retailers.
Retailers are also demanding new, fast-selling products to enhance their own faltering sales. Products most likely to get the boot are those with niche or limited popularity.Article content Walmart told Reuters it was seeking more data from suppliers to justify pricing and pushing for more creative ways to defray costs and cushion price hikes to consumers. “We recognize that price concerns are more elevated at this point in time, but that’s where we can lean in and have data driven negotiations with our suppliers,” Chief Financial Officer John David Rainey said.
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