Grocers have an uphill climb to succeed in today’s market. While the average private company (regardless of market sector) achieves profit margins of roughly 7 percent, the grocery industry pulls in a meager 2.2 percent profit margin.
Grocers are finding ways to adjust for changing consumer preferences in spite of — and likely because of — slim margins and cutthroat competition. Many have transformed their business models such that they are barely recognizable when compared to grocery stores of the past. Read our guide to learn about a few ways grocery store chains are making the shift to serve consumers in the experience economy.