In this week’s enlightening edition of Velocity Talks, Christopher Durham welcomes Neil Stern, the CEO of Good Food Holdings. The episode delves into the intricate journey of a seasoned consultant stepping into the role of a CEO, overseeing a group of gourmet and specialty retail brands stretching from Southern California to Seattle. The episode provides a deep dive into the retail landscape, private branding strategies, and the passion behind creating food products that define and differentiate upscale markets.

Neil starts by sharing the origin story of his career in the retail industry, touching on innovative projects around the world. As the discussion progresses, Christopher and Neil explore the unique identities of the various stores under the Good Food Holdings umbrella, emphasizing their local execution and inefficiency as a strategic choice. Neil elaborates on the distinct demographic catered by each store, from Bristol Farms’ high-end customer in Beverly Hills to New Leaf’s original, natural, and organic focus in Santa Cruz, California.

The highlight of the conversation revolves around the recent launch of the New Coast Forager Company brand, designed to span across all Good Food Holdings banners. This new line exemplifies a forward-thinking approach to private branding, balancing polished basics with adventurous twists. The episode also speaks to the potential of private brands not just as national brand equivalents but as destination-worthy, experiential offerings that inspire destination shopping.

Key Takeaways:

• Neil Stern’s path from consulting to retail CEO highlights the unique insights a consultant can bring to executive leadership.
• Good Food Holdings emphasizes the importance of local execution and catering to the specific tastes and preferences of each market they operate in.
• NewCoast, Good Food Holdings’ new private brand, is centered around the concept of ‘polished basics’ and aims to span across various banners with unique, value-signaling products.
• The conversation showcases the trend towards private brands that offer more than just national brand equivalents, focusing instead on experiential products that can become customer magnets.
• Behind the operational strategies, there lies a genuine passion for sourcing, curating, and selling exceptional food that transcends the boundaries of traditional retail.

Notable Quotes:

“We really believe that it’s important to be local and it’s important to drive execution down to the markets that we operate in.” – Neil Stern

“The promise of NewCoast is to create great foods, have the basics with a twist, and have it be a little fun and a little different.” – Neil Stern

“We source, produce and sell great food.” – Neil Stern, on the essence of Good Food Holdings.

“The people who change the world have passion, maybe sometimes passion beyond common sense.” – Neil Stern, on his most cherished value.

“If you really do private label well, and you do it well into the future, you’re going to have customers who come to your store over another people’s store because you have products on your shelf that the other guys don’t.” – Neil Stern

About the Guest(s):

Neil Stern is a distinguished figure in the retail industry with an extensive background in consulting. His career began with innovative projects like creating pavilions for Von’s Grocery Company and has spanned work with reputable retailers such as Publix and Harris Teeter. International retail involvement led him to aid in the development of Emart’s private brand program. After facilitating the acquisition of two chains that formed Good Food Holdings, he transitioned from a consulting role to becoming the CEO of Good Food Holdings, where he currently leads operations across several upscale supermarkets on the West Coast.

Resources:

Velocity Institute: velocityinstitute.org

Good Food Holdings: goodfoodholdings.com

For an immersive experience into the intricate world of private branding excellence, tune in to the full episode with Neil Stern on Velocity Talks. Keep an eye out for more enriching content that delves deep into the narratives shaping today’s retail industry.