As part of the acquisition, Maple Street — a quirky Jacksonville, Florida-based fast-casual chain with 33 locations — will absorb Cracker Barrel’s previously acquired Holler & Dash Biscuit House locations.
Biscuits + maple… Mmmmm.
The Maple Street buyout comes just months after Cracker Barrel invested up to $140m for a noncontrolling stake in Punch Bowl Social, an “eatertainment” (oh yes) chain with strong recent growth.
It could be a smart diversification play, given the rise of the experience economy — and gaining a competitive edge is key in the increasingly saturated fast-casual restaurant market.
Recently, Cracker Barrel has seen a 0.7% dip in traffic, but it expects to flip the pancake — I mean, decline — through these recent investments.
The company’s journey has been pretty crazy since Day One: In 1969, Shell Oil rep Dan Evins opened a general store to sell gas and homestyle cookin’ along the burgeoning US interstate.
Fast-forward to the 1990s; that little roadside stop exploded into a billion-dollar behemoth, and it has continued growing — despite accusations of homophobia and racism that lasted well into the 2000s. Well isn’t that just gravy.
… Turns out, people REALLY love gift shops. The Southern comfort chain’s 19-year winning streak for “Best Family Dining Award” is thanks largely to its old-timey merch… or as they describe it, “unique gifts and self-indulgences, many reminiscent of America’s country heritage.” Tomato tomato.