One of the keys to staying in business - especially big business, where minor changes in profit margins can have a major impact - is noticing when the buying habits of your customers change. Tops Market seem not to have noticed the growing trend for shoppers to prefer locally sourced food, or the increase in vegetarian or vegan-only buyers. Without adjusting their product range, they were suddenly and sharply squeezed by their competition, and left with no option but to file for bankruptcy.
Filing for bankruptcy isn't always the end though, and if you live on the East Coast and know Tops, if your local store is still there it may survive a while longer. Bankruptcy has allowed Tops to freeze interest payments on its debts, which were previously costing the struggling firm $80m a year. With that weight off their backs they're finding it a little easier to breathe, and for now, the stores remain open.
For the past few years, we've been seeing more and more food halls dominate the retail industry. The craze has swept Los Angeles and New York by storm and is now making its way to Miami. In Magic City alone, ten of these food parks have opened just recently. The mania is even set to triple in size by the year 2020.
Now more than ever, more people have been adopting a vegan lifestyle. A survey in the United Kingdom reveals that 3.5 million residents have turned vegan, while 20 percent have at least tried the concept. People are now wanting to cut down on meat, and the food industry is giving in to the demand. Even wineries have started stocking up on vegan wines.
Due to increased awareness and desire to help the environment, companies have become more committed to eco-friendly food packaging. Previously, companies didnt care much about producing a ton of waste; but now, efforts to reuse, reduce, and recycle are much more apparent. For instance, PepsiCo has committed to creating completely recyclable packaging by the year 2025.
Who would have thought that young millennials would be into rum? These barrel-aged, small-batch rums are the latest trend in booze, and now even British companies such as Essexs English Spirit are joining in. The spirit is one of the most popular and versatile forms of alcohol, whether it be sweet or strong, dark or white, neat with ice or served with coke.
Nowadays, people have become more accepting of imperfection; when it comes to fresh produce that is. Imperfect Produce is just one of the grocery delivery companies that serve physically flawed fruits and vegetables. This effort is geared toward reducing waste, and the disfigured foods are often turned into hummus, crisps, and juices.
Various Asian restaurants have been popping up recently, and Sri Lankan cuisine is slowly making its way to the western palate. Sri Lankan dishes such as kottu roti, pol sambol, coconut relish, and hoppers, are being introduced to the market, and people are loving it. Unlike before, the Sri Lankan flavor is finally being recognized as an individual cuisine, separate from Indian food.