Trader Joe’s mission statement is to bring you the best quality products at the best prices.
Trader Joe’s mission statement explained:
To bring you the best quality products: Each product offered at Trader Joe’s shelves passes certain criteria and a rigorous tasting panel to guarantee its quality. It offers fresh food sourced close to each store. The company also is committed to buy products considered “winners” and unique
At the best prices: In order to keep prices as low as possible, TJs keeps its costs low. It does this, for example, by managing its own store space while for fresh items, it sources goods close to each location to minimize the transportation costs. Many products are not branded and it buys directly from suppliers so it bargains hard to get the best prices so the customers can feel the savings. In order to get low prices, the company also buy in volume and contract early. and, unlike most supermarkets, this one does not charge vendor fees for putting its items on the shelf.
Trader Joe’s is an American chain of convenience stores that was created by Joe Coulombe in Southern California in 1958. The first store chain was called Pronto Markets and was run for 10 years.
In 1967, the founder noticed that the traditional formula didn’t make sense anymore because of the new demographics in the US. He identified an opportunity to deliver something different and he created the first Trader Joe’s. This new concept had a nautical theme and was run by people that called themselves “traders on the high seas”.
Today, it has grown to become a national chain with revenues of $13.3 billion and 45,000 employees. The company remains prevately held and it is owned by the same families that also own part of Aldi Nord. However, Trader Joe’s and Aldi Nord operate independently.
In order to fulfil its mission, Trader Joe’s has managed to remove a lot of costs like slotting, marketing, and middlemen fees. It claims to pass along those savings to its customers. The company defines “value” as the act of offering the best quality items for the best prices.
Trader Joe’s makes money through the food retailing operating 508 food stores in 25 states of the US. Trader Joe’s business model consists of selecting, buying, and selling high quality food and beverage at low prices through its retail outlets. It relies on cultural awareness to cultivate growth and is based on grass-roots marketing niche to draw viral consumer activity. They are proud of keeping the purchase experience fresh and unique.
The brand makes the customers feel as if they were shopping in a high-end farmers market. They also work to listen and carefully respond to their needs and encourages consumer feedback.
Although its differential makes it unique in its kind, Trader Joe’s is not a monopoly. The grocery shopping business in the US is very diversified and evolved. Consumers across the nation can access to all kind of items, from the basics to the most exotic and unique ones.
Trader Joe’s competitors include Walmart, Meijer, Fairway Market, and NatureBox. But its main competitor is considered to be Whole Foods Market. These two retailers have managed to expand to hundreds of locations and they hold an important positioning for market segments that had remained untargeted for years.
Trader Joe’s vision statement is not specified in its website nor the company has made it public. However, some elements can be identified in the company’s targets. Therefore, it can be assumed that Trader Joe’s is committed to positioning itself as a leading chain of grocery stores for the region it operates.
Trader Joe’s core values are:
- Product-driven company
- Qow customer service
- No bureaucracy
- Kaizen (a Japanese word that means self-improvement)
- The store is the brand, we are a national chain of neighborhood grocery stores.
The company has published its values in a series of podcasts where the chairman and CEO, Dan Bane, points the guideline of seven values that guides all the new employees when starting at Trader Joe’s.
WHITTEMORE, Christine B.; Exploring the Customer Experience In-Store & Online; posted on 10/10/2017 at Simple Marketing Now; available at: https://bit.ly/3jgIbKH
Trader Joe’s Mission, Vision & Values; posted at Comparably; available at: https://bit.ly/2S8Ot30
LLOPIS, Glenn; Why Trader Joe’s Stands Out From All the Rest in the Grocery Business; posted on 09/05/2011 at Forbes.com; available at: https://bit.ly/33gconv
Trader Joe’s Competitors; posted at Comparably; available at: https://bit.ly/30hEUmI
MIT Students; Trader Joe’s vs. Whole Foods Market: A Comparison of Operational Management; posted at MIT.edu; available at: https://bit.ly/2G5iA9f
Trader Joe’s: “great food + great prices = Value”; posted at Digital HBS on 12/12/2015; available at: https://hbs.me/34bD2x4 ANDERSON, George; Trader Joe’s success is a matter of values; posted at Retail Wire on 10/03/2018; available at: https://bit.ly/33fcEmA