Here’s the next installment of the strategy series (based on the strategy chapter in Jack Welch’s Winning): Trader Joe’s.
Trader Joe’s tagline: Your Neighborhood Grocery Store. And if you visit one of these stores you will definitely get the feel of visiting a neighborhood store with an old-fashioned bell to call for help at the counters, wooden shelves, fresh bread and friendly staff. Another distinctive thing about Trader Joe’s is that, along with the regular products, you get a range of “unique” products including international frozen food, gourmet food and a different selection of wine and beer.
Trader Joe’s strategy, which seems to be ingrained in every part of the company, is very simple: provide a local feel and complement it with a unique selection of products. This is the winning strategy for the grocery chain with more than 300 stores and $6.5 billion in revenue.
This strategy provides Trader Joe’s a way to differentiate itself in the industry. Trader Joe’s distinguishes itself from other local stores by having a unique selection of products, and from competitors like Whole Foods, that carry similar products, by using its local store atmosphere.
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Great post. Thanks for the info.
I remember the Pronto store in South Pasadena where I lived for many years. When the name was changed to Trader Joe’s years later, the store still kept the old flavor of Pronto. It was a wonderful store, with excellent products and good prices. They had a wonderful selection of wines, cereals, and cheeses as well as breads.