Executive Summary
Wegmans is a family-owned regional grocery store founded in 1916 by brothers Walter and John Wegman. The brothers learned about the food business from their parents. They went from a vegetable and fruit pushcart to opening Rochester Fruit & Vegetable Company, a forerunner to Wegmans Food Market (WEGMANS, 2022). Wegmans has grown to 109 stores, primarily located in the northeastern and mid-Atlantic regions, with 52,000 employees and annual sales of $14 billion (Annual Report on Wegmans Food Markets’ Revenue, Growth, SWOT Analysis & Competitor Intelligence – IncFact, n.d.).
Wegmans believes that a good customer experience starts with putting its employees first: “to be a great place to shop, we must be a great place to work.’ (Danziger, 2018). Colleen Wegman, president and CEO of Wegmans Food Market, states that the company’s philosophy is to take care of its people, and they will, in turn, take care of its customers. This philosophy has garnered Wegman a third-place ranking on Fortune’s 2022 100 Best Companies to Work for (Work, n.d.).
The question is, can Wegman translate their regional successes into a national chain? This report will evaluate Wegman’s current strategies.
Introduction
Wegman is a successful regional supermarket in the Northeastern U.S. region and has spread to the Mid-Atlantic areas. This paper will examine Wegmans’ culture and access to finances and use strategic analysis to determine if a national move is in its best interest.
Future Growth Opportunities
Wegmans has the potential to become a national brand, and it should expand into other states. The company should be able to differentiate itself from other brands by prioritizing its employees and customers equally. This philosophy has fostered employee loyalty and a positive work environment, which in turn impacts a customer’s shopping experience. The company could grow further in untapped markets by keeping its prices within the competitive range; by doing so, it will be able to not just produce a remarkable shopping experience because of its high-end ambiance, but with discounts and other price reduction techniques, it will also be able to capture the potential consumer base.
Secondly, in cities or other fast-paced towns, the focus should be more on e-commerce shopping. The application and website should be enhanced to reduce glitches and make them more user-friendly, offering consumers basic daily necessities or food items that match the residents’ lifestyle. There should also be more efficient delivery options, as the company has initiated partnerships with various delivery applications.
The company should be able to customize its menus according to the needs of the local population, i.e., their favorite cuisines, and target potential consumers who are health-conscious and only prefer organic food products. However, Wegmans does offer organic options, with an increasing trend towards healthy options; Wegmans should emphasize selling them more. In new locations, the primary focus would be on the shopping experience that Wegmans tends to support and encourage, specifically the “European-styled” open-air environment, which will bring an innovative touch to a typically dull grocery shopping experience (Wegmans: The New Frontier in Grocery, 2015).
Challenges to Growth
Wegmans faces several challenges when attempting to expand nationally. First, great competition exists, as the already established and highly successful companies like Walmart and Whole Foods have dominated the industry for several years. In markets like New York, establishing a setup for new companies is relatively challenging; as Neil Saunders states, “there is simply no avoiding this pain, and ultimately the battle will be about surviving rather than thriving” (Boyle, 2019).
Secondly, especially after the COVID-19 pandemic, people have shifted their focus towards e-commerce, and this trend is particularly evident in states where the coronavirus is still present. Hence, growing in such an atmosphere will be challenging for Wegmans. Furthermore, with increasing concern for the environment and people becoming more environmentally conscious, the trend is to become more sustainable in terms of waste and recycling. Hence, the company must ensure that high-tech systems are in place to achieve this, and it certainly requires a significant allocation of financial resources and strategic planning.
Moreover, the current worsening economic conditions have made things worse for the grocery industry, as food items’ prices have jumped up massively, especially in cosmopolitan areas, things have become quite tricky for already established companies to survive, and consumers have started to look towards cheaper alternatives and reduced their consumption directly impacting the potential growth opportunities for Wegmans (Kramer, 2022).
Furthermore, if Wegmans needs to expand into new markets, the company must consider all relevant costs. For instance, gas prices have increased significantly, and in some states, the price is relatively higher, thereby increasing the overall operational costs for the company. Some of the legislative challenges the company would face include abiding by all relevant taxes and other related laws.
Background
The Wegmans’ history began in 1916 when brothers Walter and John Wegman learned about the food business from their father in a store located in Rochester. John had begun his career as a street hawker, selling food items from a conventional “pushcart.” Furthermore, John Wegman professionally opened his first store, known as “the Rochester Fruit and Vegetable Co.,” which later evolved into the renowned “Wegmans Food Market.” One year later, his brother Walter also joined the business. In 1930, the company inaugurated its first-ever store, and the news was featured prominently in American newspapers. Robert took charge of the company’s management in 1950 and continued to lead the operations until he died in 2006 (Wegmans, 2022).
The stores’ ambiance was about setting up bright lights and decorating them with beautiful illuminations. The company also initiated an “open air” market, focusing on various categories of food and promoting it as a fun-loving place for families and individuals not close to the Wegman store. The CEO, Robert, always embraced and encouraged the company’s values, which were to serve the customers, community, and employees working day and night to ensure the successful operations of Wegmans. The company also raised their employees’ salaries to make they feel that Wegmans cares about them, and the workers feel motivated, just like a close family. Moreover, it was the hard work and persistence of all the stakeholders involved who were able to elevate Wegman’s position as a top company to work for(Danziger, 2018).
Culture
The Wegmans culture is about embracing righteous values and encouraging every member from the top to the bottom to work hard and be treated equally. The company has ensured that every member is treated with respect, that each worker displays politeness and respect for one another, and that everyone is treated with dignity. Secondly, employees are trained to prioritize customers’ complaints and resolve their queries within a minimal turnaround time. Moreover, the culture has recently shifted more towards innovative technology and its use, and the company encourages employees to brainstorm and come up with pioneering ideas to enhance the consumers’ shopping experience and increase the efficiency of operational systems. The employees also work together and cooperate across the departments to solve bottlenecks (This Is What Employees Are Saying About Culture at Wegmans Food Markets, n).
The company promotes a friendly working environment and, in fact, has been named one of the 100 best corporations to work for over 23 consecutive years. The company ensures that employees feel safe and secure in their workplaces, and also strives to maintain a work-life balance. Secondly, senior executives tend to consider the views of subordinate staff on how the processes involved could be improved and implement the critical feedback. The senior leadership is very welcoming of any concerns the staff is disturbed by.
Wegmans not only motivates the staff by acknowledging their work but also helps them financially, for instance, raising the pay for hourly wage employees and saving good stocks for them before they are exhausted. The critical factor for success at Wegmans is that leadership maintains clear communication with junior staff and implements their opinions in crucial decision-making, which keeps employees determined and dedicated to working for the organization (Hastwell, 2020).
Supermarket Outlook
The pandemic has permanently altered the way consumers shop for groceries. At the beginning of the pandemic, the grocery industry experienced empty shelves due to hoarding and broken supply lines(Grocery Industry Outlook: Insights Into the Future From the Supermarket Guru, n.). Many consumers who have concerns about social distancing have decided to shop online. Between March 2020 and February 2022, consumers spent $1.7 trillion online (Verdon, 2022). Online spending has remained strong this year, “with spending up 12.2% year-over-year in January and up 15.5% year-over-year in February (Verdon, 2022). Sales remain solid online.
Strategic Analysis: SWOT Analysis
SWOT analysis, or strengths, weaknesses, opportunities, and threats, evaluates internal and external factors that affect a company. The Strengths and Weaknesses quadrants are considered internal factors, denoting what the company is doing well and what it needs to improve. The opportunities and threats quadrants are classified as external factors, which are processes outside the company’s control. Companies can determine whether or not to continue with a project by performing a SWOT analysis.
Strengths
- Wegman was ranked #3 on FORTUNE magazine’s 2022 list of the 100 Best Companies to Work For. Wegmans has been on the list every year since it began in 1998, and in 2005, it ranked #1.
- Robust employee benefit programs, employee profit-sharing
- Trademarks (Wegmans Food Markets has 63 registered) indicate a more sophisticated go-to-market strategy.
- Stores are larger, ranging in size from 75,000 to 140,000 square feet, with spacious aisles.
- Strongly involved in community service, i.e., community food bank,
- Strong leadership in the Wegmans family.
Weakness
- Wegmans is a privately held, family-run business. That means there is no Wegmans stock or stock symbol
- Stores are located only in the Northeastern and Mid-Atlantic regions.
Opportunities
- Provide food catering that meets customer-specific dietary needs, such as gluten-free and dairy-free options.
- Build new stores outside of the Mid-Atlantic area to grow Wegman’s visibility
- To appeal to busy young professionals, increase the availability of ready-to-eat food.
Threats
- Competition from Online retailers like Amazon
- Competition from high-end and low-end grocery stores like Whole Foods and Walmart.
- The downturn in the economy can affect product prices, thus lowering profit.
SWOT Analysis Summary
The SWOT analysis, also known as a strengths, weaknesses, opportunities, and threats analysis, is used to assess internal and external elements that impact a business. For instance, the company’s strength is its strong position among employees. On the FORTUNE publication’s list of the top hundred Best Companies to Work For in 2022, Wegman came in at number three (Wegmans, 2022).
As for the weaknesses, Wegmans is a family-run, privately held corporation (Wegmans, n.d.-a). As a result, this might involve fewer company growth investments. Moreover, it is noteworthy that Wegmans has opened stores only in the Northeastern and Mid-Atlantic areas (Wegmans, n.d.-a). In this situation, the company can expand to other regions, such as the Mid-Atlantic region. Still, the threat is that the firm faces competition from e-commerce conglomerates like Amazon and organic food distributors like Whole Foods.
PESTLE Analysis
PESTLE or political, economic, sociological, technological, legal, and environmental factors. External factors are those that are beyond a firm’s control but have a potentially significant impact on its decisions, operations, and success.
Political Factors
- Political stability is a fundamental component for Wegman and all stakeholders.
- If Walmart wants to expand its physical stores and e-commerce platform, political stability is critical.
- Changes in local and state taxes imposed by the state government could impact the company.
- Changes in the political party that could be pro or anti-business.
Economy
- Politicians and the economy have an immediate impact on a company’s earnings. For example, leaders and Congress agree to increase the minimum wage. Wegman’s costs may rise as a result.
- The 12-month percentage change in the Consumer Price Index indicates that prices in November 2022 were 7.1% higher than in November 2021 (Statista, 2022). This will almost certainly harm client demand and lead to fewer sales(Statista, 2022)
- Changes in disposable income
Social Factors
- As social consumers become more health-conscious, Wegmans has an opportunity to offer its organic and healthy food assortment more aggressively across all of its retail locations. This will improve shoppers’ perceptions of Wegmans.
- E-commerce sales in the United States will exceed $870 billion in 2021, up 14.2% from the previous year. Nowadays, everyone enjoys shopping online.
- Changes in the population mix can affect a business.
Technological Factors
- Due to the widespread use of mobile devices, tablets, and laptop computers, Wegman and other e-commerce enterprises have numerous opportunities. These companies can increase their market share and sales by attracting customers through websites and affiliate marketing tactics.
- An e-commerce platform enables businesses to interact with customers, enhancing the consumer experience through features like human-assisted chat.
Legal Factors
- Various legal factors must be considered, including anti-discrimination legislation, employment restrictions, food and safety standards, data protection laws, and consumer protection laws for e-commerce enterprises. All of these could have a significant impact on Wegmans.
- Depending on the state, the sales tax can vary and falls within 2.9 to 7.25 percent. Additionally, local governments in approximately 35 states in the U.S. impose a tax ranging from 1% to 5%. Wegmans must ensure that it is familiar with state-specific laws.
Environmental Factors
- According to an environmental study, organizations that invest in sustainability initiatives outperform their competitors in the long run. As a result, Wegman must develop environmental policies.
- Wegmans’ sustainability core is Wegmans Organic Farm, which aims to achieve 95% zero waste by 2022, eliminate three non-recyclable products, and showcase an electric delivery truck. This demonstrates that the company is on the right track.
- Retailers are responsible for around 25% of global emissions. To maintain a solid brand reputation, the corporation must also attempt to solve the issue of emission reduction.
PESTLE Summary
Regarding political factors, political stability is a crucial component for Wegman and all stakeholders. Tax reforms that the state legislature may impose could impact the business, as they may influence supply or demand. The economic factors revolve around similar issues, such as the Consumer Price Index. The U.S. Bureau of Labor Statistics indicates that the index has been rising for several months, including September and October, which suggests that inflation may be hindering customer demand (Consumer Price Index Summary – 2022 M11 Results, n.d.).
Sociological factors may involve the growing environmental consciousness of customers and their desire to consume healthier foods, which can be detrimental to Wegmans’ revenue. Moreover, the technological component additionally indicates the areas for improvement. Wegman and other e-commerce businesses have several opportunities resulting from the increased use of portable devices, tablets, and personal computers. To compete, Wegmans has to upgrade its technological capabilities.
For e-commerce businesses, several key legal considerations must be addressed, including anti-discrimination policies, labor regulations, food and safety regulations, privacy laws, and consumer protection laws. Finally, an environmental factor that focuses on Wegmans’ sustainability is the Wegmans Organic Farm, which aims to reduce the use of three non-recyclable goods by 2022, achieve 95% zero waste, and display a commercial electric vehicle (Wegmans, n.d.-b). This shows that the business is headed in the correct direction.
VRIO Analysis
VRIO is an acronym for value, rarity, imitability, and organization. It is a strategic planning tool that analyzes an organization’s internal environment and capability “(What Is a VRIO Analysis | EdrawMax Online, n.d)
Value
Generally, from the value perspective, the company has rather beneficial features. One of its first notable advantages is its access to the necessary material to complete its goals. Wegmans Food Market prides itself on offering organic products free from artificial flavors, dyes, and scents. To accentuate their detailed knowledge of healthy food, they incorporate Wellness Keys into their products to explain which items are suitable for everyone or those with specific needs, such as lactose intolerance (Wegmans Food Market, 2022).
They claim that their choice of products is very diverse and have stores ranging from 75,000 to 140,000 square feet, making them larger than most stores (Wegmans Food Market, 2022). They collaborate with various farms that share similar values and goals to further enhance their brand and the products they sell (Wegmans Food Market, 2022). Wegmans Food Market depicts some of their achievements in each decade of its existence. These features explain how the company and its products can and may be valuable for its customers.
Wegmans Food Market thoroughly depicts some of its achievements and attention towards sustainability, thus emphasizing how much they care about the store’s quality.They maintain low prices in their supermarkets to satisfy customers while not letting it negatively affect their reputation. These definitive features help Wegmans Food Market emphasize its value as a company, while accentuating quality control and sustainability as its
Rarity
From the perspective of rarity, things are significantly more complex. While, as mentioned earlier, it has been stated that they cooperate with different farms that incorporate the same values, it is not an unattainable or unique resource.However, the size of the company’s buildings and the diverse choice of products might make them stand out from their competition, as Wegmans Food Market has stated that these features are greater than those of their competitors.Generally speaking, it would be safe to say that while the size and the product choice may count as rare resources, the rest of them, organic goods and other products, are not unique, as they are implemented in other companies.
Imitability
Regarding imitability, some of the aspects are both pessimistic and optimistic. For example, the organic goods and products for people with dietary limitations are not unique from other stores. For example, Whole Foods is known as one of the most influential companies in organic foods, and they cooperate with farms to provide good products (Deering, 2021). It also incorporates diverse food options, which makes it harder for Wegmans Food Market to compete. Nonetheless, some other features the company has, such as the
Organization
Wegmans Food Market prides itself on some other essential features. They include the scholarships for employees, listening to their workers’ ideas, and gathering customer feedback. The second feature is rather beneficial, as they believe it is essential to accentuate the positive deeds and thoughts that could positively affect the employees’ work and strengthen the company’s positive reputation. In the third aspect, they gather customer comments regarding service and the overall experience to improve how their store works. That way, the company helps promote their store and ameliorate some aspects that could give the supermarket chain better ratings.
VRIO Summary
The final strategic analysis of Wegmans is the VRIO assessment, which involves value, rarity, imitability, and organization. Regarding value, the organic items offered by Wegmans Food Market are proudly free of synthetic tastes, colors, and perfumes (Wegmans, n.d.-a). The rarity aspect is controversial since the product line offered by the company is similar to those offered in other similar stores, such as Whole Foods.When it comes to the imitability of the goods, the competitors can easily imitate the lack of artificial preservatives and unhealthy food coloring to provide customers with similar foods.
The last factor, organization, points to the efficiency of Wegmans.The efficiency consists of employee scholarships, hearing the opinions of their staff, and gathering customer insights (Wegmans, n.d.-a).Therefore, while the product line of Wegmans is not unique, its values and mission make it exceptional.
Hence, while there are advantages like employee happiness, drawbacks like a lack of innovation might hurt Wegmans.For example, the biggest dangers to the company can be economic and political trends, a lack of substantial competitive advantages, and a lack of technological advancement. However, it is essential to develop areas such as organic produce and employee training, which include scholarships.
Reducing Waste Efforts
Since waste reduction is an essential goal for modern organizations, Wegmans has taken multiple steps to cope with it.The business emphasizes sustainability, incorporating the reduce, reuse, and recycle principles into its supply chain and individual operations (Wegmans, 2018).In this way, the organization does its best to eliminate all forms of waste, including plastic and food, at its locations.
These goals are achieved thanks to the company’s Zero Waste program, which proved its efficiency in one Wegmans store in 2016 (Wegmans, 2018). As a result, the business decided to implement its initiative in other stores. The program is helpful because it relies on suitable, cloud-based, and recycling solutions to minimize food and plastic waste.
In particular, the Zero Waste program implies a few specific activities. Firstly, some Wegmans locations cooperate with local farmers and zoos to provide them with remaining food as animal feed (Wegmans, 2018). This step implies that the organization uses a win-win strategy for different stakeholders.
Secondly, Wegmans does its best to achieve high store recycling rates. In particular, the average recycling rate of 64% is reasonable because it denotes that more than half of the waste is recycled, while there is still room for improvement (Wegmans, 2018). Thirdly, the organization ensures that food is delivered to people in need because it is irresponsible to leave unused products in landfills when unprotected social groups suffer from poor access to food. That is why Wegmans understands the importance of waste reduction and ensures that this value is integral to its operation.
In addition to that, Wegmans’s efforts to reduce waste are aligned with the Food Recovery Hierarchy by the United States Environmental Protection Agency (US EPA).This initiative consists of six tiers demonstrating what interventions organizations should take to reduce waste.These levels include Source Reduction, Feed Hungry People, Feed Animals, Industrial Uses, Composing, Landfill, and Incineration (U.S. Environmental Protection Agency, n.d.).
At Wegmans, they stipulate that some of these objectives are met. Firstly, the organization minimizes food waste by including slightly blemished products in its culinary activities (Wegmans, 2018). Secondly, the company cooperates with food banks and pantries that collect and deliver the remaining food to needy people (Wegmans, 2018).
Thirdly, it has already been mentioned that food scraps are delivered to appropriate organizations that use them as food for livestock. Finally, the remaining waste can be sent for anaerobic digestion or composting to ensure no food scraps are left without use (Wegmans, 2018). This evidence explicitly demonstrates that Wegmans follows the US EPA regulations.
Wegmans Food Market is a regional supermarket chain that draws much attention to waste reduction. The organization takes specific steps to ensure that its processes result in reduced amounts of plastic and food waste. In particular, the business uses the Zero Waste program and abides by the United States Environmental Protection Agency’s Food Recovery Hierarchy.This statement denotes that the remaining food is distributed to needy people, animals, and agricultural use.
Paying attention to waste reduction is significant because this issue can help organizations raise their capital.Businesses can cope with obtaining additional money via initial public offerings or from professional investors. The two approaches can generate similar results, but initial public offerings are preferred because they are straightforward, effective, and have fewer disadvantages.
Recommendation
Formulate a Plan to Raise Capital
Businesses can use multiple methods to raise capital, and an initial public offering (IPO) is among them. This approach implies that a company goes public, which means that shares of stock can be bought by the public (SEC.gov | Going Public, 2017). A significant benefit of IPO is that shares are available for multiple individuals, and this system can provide the organization with a rapid and massive influx of financial resources. However, companies should understand that an IPO should be utilized according to a particular strategy.
Firstly, a business should “file a registration statement with the SEC before it may offer its securities for sale” (United States Securities and Exchange Commission (SEC.gov | Going Public, 2017). When the registration statement is issued, the organization should adhere to public reporting requirements (SEC.gov | Going Public, 2017). The company should understand that its reporting should be subject to appropriate requirements, even if the business has not issued any shares according to the registration statement (SEC.gov | Going Public, 2017). This straightforward plan can help the organization raise its capital.
This discussion should focus on the investors’ engagement in capital raising. Another possible strategy for the organization to raise capital is to receive money from heterogeneous investors (Vismara, 2022). Few people can invest their money in the business and receive the right to participate in decision-making. This approach is challenging because it is difficult to find professional investors ready to provide their money.
Another fundamental challenge is that the organization sells off pieces of its business ownership and loses its independence in return for capital. The information above can be used to compare the two suggested approaches to capital raising. According to the available evidence, an IPO is better because it is a straightforward and effective strategy to achieve the required outcome. An IPO allows companies to access substantial financial capital quickly.
Simultaneously, receiving money from professional investors implies a few significant disadvantages. It can be challenging to find these investors while they obtain the right to impact organizational decision-making in return for their money. Even though IPO are subject to specific legal requirements, this approach is more appropriate for raising capital.
Conclusion
Wegmans Food Market is a prominent regional supermarket chain established by brothers Walter and John Wegman. It is currently led by Colleen Wegman, president and CEO, and Nicole Wegman, president of Wegmans Brand, after the death of their father, Robert Wegmans. Robert Wegmans aimed to build the finest supermarket on the land, even if it meant it would not be the fastest-growing company. This philosophy has enabled Wegman to strategically grow the company from its base in New York to North Carolina.
However, if Wegmans is going to make a significant push to become a national chain, then some changes will have to be made. Wegman’s revenue has increased yearly since 2014 and is profitable, see Appendix A. Wegman should offer an Initial Public Offering (IPO) to obtain the necessary capital.An IPO allows a company to get capital to offer shares through the primary market (Initial Public Offering (IPO): What It Is and How It Works, 2022). The drawback to an IPO is that Wegman will no longer have total control of the company, which may impact the company’s culture.
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Appendix
Table 1 – Revenue Dynamics
Table 2 – Income Statement with Industry Percentage Benchmarks