Trader Joes – Innovation in the grocery business

In 2012, Fast Company ranked Trader Joes as the 11th most innovative firm in the US. That same year, Trader Joes managed to outperform the rest of the grocery industry with a record revenue per square feet of $2,054 (compared with Whole Foods – $1,257, HEB – $867, Walmart – $607 and Publix – $591). Trader Joes key to its success has been that it has an operational model that enables it to meet its pledge to consumers. This pledge can be described as offering a WOW experience through interesting products, everyday low prices, relatable staff and a unique brand personality.