Blue Apron stock has lost nearly 80 percent of its value since going public.
And Inc. reporter Zoe Henry told Cheddar that, if the meal-kit company wants to compete in an increasingly crowded space, it has to funnel more money into its marketing strategy and serve more niche audiences.
“Maybe they need to be offering different types of meals. Maybe vegan, maybe vegetarian, or sourced-locally,” she said Friday. “They need to do a little bit more of what the Sun Baskets of the world are doing.”
Shares of Blue Apron rebounded slightly Friday, after news Weight Watchers is entering the space sent them plunging more than 16 percent a day earlier.
And that’s just the latest blow. If the myriad of pure-play companies in field -- from Sun Basket to HelloFresh to Purple Carrot -- weren’t enough, earlier in the week even Walmart announced plans to offer meal-prep kits.
Competition from lower-priced rivals like that could be a real problem for the company.
“New York and San Francisco yuppies could only take you so far, so we’re going to need to expand beyond the upper middle class millennial market,” she said. “Try telling a mom of four in Barlow, Ohio, that she needs to spend however much a month on Blue Apron, when she could just run to Walgreens or the dollar store and buy cheaper products for dinner that night.”
For the full interview, [click here](https://cheddar.com/videos/blue-apron-stock-hits-record-low-with-weight-watchers-announcement).
Peacock shared the trailer for the second season of the celebrity competition show, 'The Traitors.'
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
