General Mills to focus on ‘consumer first’ strategy, e-commerce for 2018
At its annual investor day event at the New York Stock Exchange, General Mills executives updated investors and analysts on its global priorities for fiscal 2018, which includes remaining committed to its “Consumer First” strategy.
At its annual investor day event at the New York Stock Exchange, General Mills executives updated investors and analysts on its global priorities for fiscal 2018, which includes remaining committed to its “Consumer First” strategy. In addition, General Mills CEO Jeff Harmening, who transitioned to the role June 1, said the company will look to global prioritization to unlock growth opportunities, including opportunities in e-commerce.
“We’ll remain laser-focused on knowing our consumer and what’s driving them,” said Harmening. “While the biggest shift in our industry in the last five years was driven by changing consumer food values, I believe the most significant change that will impact the next five years will be in how consumers get their food, driven by the rapid acceleration of e-commerce. We see this as an exciting opportunity for General Mills.”
E-commerce represents about 1.5% of the company’s total sales in the United States today. The company expects this number to grow to 5% by fiscal year 2020.
Harmening identified four key priorities for fiscal 2018 as the company works to improve its topline growth trends:
- Grow cereal globally, including the company’s Cereal Partners Worldwide joint venture.
- Improve its U.S. yogurt business through innovation.
- Invest in differential growth opportunities, including the company’s global Häagen Dazs and Old El Paso businesses, global snack bars platform, and its portfolio of natural and organic brands across North America.
- Manage its foundation businesses, which include refrigerated dough, soup, and baking mixes amongst others, with appropriate investment.