In May of this year, Applebee’s introduced its “hand-cut steaks over wood-fired grill” menu. It was a $40 million investment, and it hasn’t gone too well. In fact, Q2 sales were down 4%. It seems that, as far as consumers see it, wood-fired grilled steak is a blip for a brand that needs to do more than reconfigure kitchens to grill steaks. It’s still a steak at Applebee’s, and consumers aren’t biting (so to speak).
But the question that led to the initiative was right: how do you stay relevant when Millennials shun big chains and brands? Continue reading