Greggs. Bigger than the sausage roll.
Greggs just reported nearly 4% growth, and it came from chicken Caesar salads. The vegan sausage roll made it possible.
THE GIST ON GREGGS: "On a Roll"
How big is Greggs?
It has 2,500 shops across Britain, which is more than McDonald's. It's the brand of cheap pastry, building site lunches and Friday night after-the-pub steak bakes. About as British as it gets.
What did the vegan sausage roll do?
Seven years ago, as we all remember, they launched it. The story went global and they ran with it. Piers Morgan even ate one.
It was the moment Greggs became bigger than its products. Once that happened, it could sell its customers pretty much anything. They now sell chicken Caesar salads.
Why does that work?
The customer who would buy a chicken Caesar salad now would, 15 years ago, have bought two sausage rolls. They're upselling the customer they already have, and letting cosy lives do all the rest. Greggs is growing in both directions at once.
Does it last?
Cultural status has an expiry date. When you become bigger than your product, you also become vulnerable to the country deciding you're not it anymore. Topshop had it. French Connection had it. Wagamama had it. None of them have it now. Greggs has it right now.
The chicken Caesar will work for as long as the cultural deposits hold. After that, it's back to selling pastry.
Does a chicken Caesar belong in Greggs?
Your take. One tap, then see how everyone else voted.
Quick answers
How many shops does Greggs have?
About 2,500 across Britain, which Huw says is more than McDonald's.
Why did the vegan sausage roll matter?
The story went global and made Greggs bigger than its products, so it could sell customers things like chicken Caesar salads.
What is the risk?
Cultural status expires. Huw names Topshop, French Connection and Wagamama as brands that lost it.
See you on the next one.
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