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Specialty Gourmet Now Represents Over $18 Billion in Sales

Specialty Gourmet Now Represents Over $18 Billion in Sales

Monday, July 6th, 2015

Specialty Gourmet supermarkets now represent over $18 billion in sales, as well as experiencing an almost 10 percent growth spurt in stores with over one thousand and counting.

Tony Olson, CEO of SPINS“SPINS invested in and launched the Specialty Gourmet Channel in 2010,” Tony Olson, CEO of SPINS, the information provider that delivers insights into the channel, said in a press release. “Similar to what we have done for the Natural Channel, SPINS has built a coalition of cooperating retailers and helped these unique stores distinguish themselves within the broader marketplace. By promoting a vibrant mix of innovative, better-for-you products with a superior taste profile, specialty gourmet retailers have gained a loyal following among consumers and have delivered 10 percent growth in a channel that had been stagnant for many years. Today, the Specialty Gourmet Channel represents a significant opportunity for the natural, organic and specialty brands and retailers that we represent to appeal to a growing consumer base.”

Nugget Market: A member of the Specialty Gourmet retailer coalition

New data from SPINS reported that the channel is evolving and expanding quickly, currently led by high profile retailers like The Fresh Market and Mariano’s, with more stores set to transition to a Specialty Gourmet format. The company also stated that a substantial increase in retailer participation is reflected in its latest restatement of the channel.

According to the release, natural and specialty products account for just over half of dollar sales in Specialty Gourmet stores, but are driving nearly 70 percent of the channel’s absolute dollar growth. Specialty Gourmet has a dual focus on both healthy and gourmet foods, aiming for consumers seeking unique taste profiles in addition to the health, environmental and social benefits typically associated with natural foods.

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Many Specialty Gourmet locations have expanded their size and product offerings to cater to consumer preferences, with traditional grocers also opening new upscale formats, according to the company. Through both the number of new store openings and the much larger size of these newer stores, the company sees its expansion as an aid to reshaping the retail landscape for the industry.

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