GREENSBORO, NC – The Fresh Market's CEO Rick Anicetti addressed investors on an earnings call to go over a detailed turnaround plan after the company's third quarter results for 2015 were revealed.

As we previously reported, a series of alterations that included store closures and leadership changes impacted a tumultuous Q3 for the chain.

Anicetti, despite having only been with The Fresh Market for a few months, brings 35 years of foodservice and retail experience to the position and has been familiar with the chain since 1996.

“The Fresh Market is still loved by millions of shoppers, the company’s overall value proposition has been challenged in today’s dynamic food retail shopping environment,” he said during the November 19th earnings call. “There are many more competitors across the food retail spectrum, from specialty to conventional supermarkets, that have narrowed the gap with The Fresh Market on a number of fronts.”

With that, and keeping in mind those latest challenges, the new CEO outlined a four-part turnaround plan to keep The Fresh Market in the retail sector that involve further improvements in fresh, reduction in shrink, and investment in store format changes.

These steps of focus and improvement include:

• Significantly improving operating effectiveness.
• Stabilizing and beginning to grow comp store sales.
• A greater emphasis on quality and freshness to further differentiate stores from the competition.
• Own a greater share of guests’ minds and compete more effectively with the “noise of the marketplace” and improve customer engagement.

The majority of bringing this plan to fruition, according to Anicetti, will require investment and time (about three to five years depending on the measures taken). Already he stated that The Fresh Market has worked to identify and implement actions to significantly reduce shrink in-store as well as supply chain.

Besides setting itself apart with freshness and quality in its perishable departments, the retailer is looking to take a phased approach to reinventing its existing center store, looking into remodels beginning in 2017, with ongoing innovation as as the chain evolves for the future.

“We will improve our value perception with customers by reinvesting in service, merchandising, and price. We expect that the net results of these future operating efficiencies and value investments will translate into increased comp store sales and earning.”

The larger steps are slated to begin in 2016, so stay tuned to AndNowUKnow as we continue to report on the retail market and its influence on the produce industry.

The Fresh Market