A century-old grocery brand has declared bankruptcy: Here's alternatives to try in case they don't make it.
Del Monte has announced they are declaring bankruptcy and selling its assets, and for a country of people who have never known a world without this brand's products on their shelves, this is life-changing news.
If Del Monte isn't a household name in your own home, its products certainly are, as they included everything from College Inn broths to Contadina canned tomatoes and Joyba teas, as well as canned fruits and vegetables from the Del Monte brand itself.
'After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,' said President and CEO Greg Longstreet, in a statement.
While this is more of a restructuring and their hope is to sell and not close shop, those who have long used their products may now have a fear of their favorite items disappearing from shelves.
If you are worried about Del Monte disappearing and want to sample some other brands that offer similar products, now would be a good time to consider some options.
Green Giant
Canned vegetables in the pantry are an important part of a nutritious family menu rotation, and Green Giant has a wide range of canned vegetables, such as corn and mixed vegetables, but so much more.
Dole
This is a major competitor of Del Monte, and a great spot to try for both fresh and canned fruits.
Goya
With tons of canned beans as well as canned sauce, vegetables and fruit, this is a huge brand for canned goods.
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A century-old grocery brand has declared bankruptcy: Here's alternatives to try in case they don't make it.
There's some great canned veggies and fruits to try. Del Monte has announced they are declaring bankruptcy and selling its assets, and for a country of people who have never known a world without this brand's products on their shelves, this is life-changing news. If Del Monte isn't a household name in your own home, its products certainly are, as they included everything from College Inn broths to Contadina canned tomatoes and Joyba teas, as well as canned fruits and vegetables from the Del Monte brand itself. 'After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods,' said President and CEO Greg Longstreet, in a statement. While this is more of a restructuring and their hope is to sell and not close shop, those who have long used their products may now have a fear of their favorite items disappearing from shelves. If you are worried about Del Monte disappearing and want to sample some other brands that offer similar products, now would be a good time to consider some options. Green Giant Canned vegetables in the pantry are an important part of a nutritious family menu rotation, and Green Giant has a wide range of canned vegetables, such as corn and mixed vegetables, but so much more. Dole This is a major competitor of Del Monte, and a great spot to try for both fresh and canned fruits. Goya With tons of canned beans as well as canned sauce, vegetables and fruit, this is a huge brand for canned goods.
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Del Monte Foods bankruptcy threatens $1.35M loss for carrier
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Del Monte Bankruptcy A Harbinger As Consumers Flock To Store Brands
Del Monte Bankruptcy A Harbinger As Consumers Flock To Store Brands The store brand juggernaut triggered by pandemic-era inflation and economic uncertainty has passed a tipping point with consumers and may have claimed its first national brand victim. A recent First Insight survey finds that 37% of shoppers now trust the quality of cheaper (and more profitable) private label goods ABOVE national brands. Another 47% consider store brand products to be AS GOOD AS the legacy brand versions. To paraphrase Shakespeare, ketchup by any other name is still ketchup. Retailers have gotten smart; consumers have gotten wise. As we reported here last year, cash-strapped Gen Z-ers have been leading this trend—more than half choose where to shop based on store brands. Many younger shoppers have no problem buying knockoffs of fashion brands. Now the latest survey finds the shift has extended to high-income consumers—61% said they trust store brands over national brands. Ominously, for the traditional consumer packaged goods (CPG) industry is the recent First Insight finding that more than 70% of those surveyed were unable to recognize a private label when comparing side-by-side images of store and national brand products. Shoppers are buying store brands even if they don't realize it. As trust in store brands has increased, national brands have been losing it. According to a recent food and beverage survey by Ernst & Young, more than 40% of respondents believe 'product innovations' by national brands are 'merely disguised cost-reduction measures,' such as shrinking package sizes. Put it all together and it becomes clear that traditional brand awareness is becoming murky, brand loyalty is fading, and brand equity is shrinking. According to the Private Label Manufacturers Association, private label sales rose by nearly 4% last year to a record $271 billion. Although store brand unit sales grew modestly (2%) since 2021, during the same period national brand unit sales fell by almost 7%. National brands—those household names that have dominated grocery shelves for so long—face a daunting challenge, especially when the price spread is as large as it is on many items. How much longer can a box of famous-name cereal retail for $4 when the identical product and package size of store brand is $3? The gap apparently proved to be too much for Del Monte Foods, whose products include venerable brands like College Inn broths and Contadina canned tomatoes. The 138-year-old company filed for bankruptcy last week citing declining demand. The private label insurgency extends far beyond groceries and other consumables. Amazon was early and aggressive with its extensive line of essentials under the Amazon Basics brands. Walmart has apparel brands like George (men's shoes and clothing), and Athletic Works (activewear for men, women, and children). The latest wrinkle in this developing conflict is the allegation by Lululemon that Costco is poaching off its reputation and intellectual property with a knockoff line sold under its Kirkland private label. According to a recent report in The Wall Street Journal, 'some Lululemon shoppers say that they now want bargains, not brand names.' If there is a limit to the store brand movement, we are unlikely to reach it anytime soon. In fact, the retail industry's leaders are rewriting the rules of engagement. Large global chains have become much more aggressive about controlling the supply side. For example, Walmart purchased Vizio, a maker of flat-screen televisions (a commodity product in every discount department store); and Home Depot recently purchased SRS Distribution, a building products distributor. This all leads to a need for companies of all types (Retailers, Brands, Manufacturer's, Auto, Tech, etc) to understand what consumers are willing to do to switch, their optimal costs and how they feel about private brands versus branded. Super exciting times for some.
