Through a special arrangement, presented here for discussion is a summary of an article from Convenience Store Decisions magazine.
While other chains may have more stores, few companies can match the rich tradition and deep roots Tedeschi Food Shops has planted in the convenience store industry. In business since 1923, the company's nine decades of service in the New England market is a distinguishing feature the company wears with pride beginning with third-generation President and CEO Peter Tedeschi all the way down to the employees that man the front lines.
"We take great pride in our past, but we are also keenly focused on our future," said Mr. Tedeschi, who took the reigns as president and CEO from Charlie Fitzgibbons in 2008. "That means we are committed to building the best stores, with the best service and the best value. We're not looking to pay lip service to delivering a great retail environment; it's an important part of our culture."
To that end, Tedeschi Food Shops is in the midst of once again transforming its retail image with a new store design, a thriving proprietary foodservice program and a growing private label food and beverage brand. Tedeschi-branded fuels anchor the forecourt.
But Mr. Tedeschi, grandson of founder Angelo Tedeschi, firmly believes in the company motto, "Proud of our past, focused on our future." Angelo Tedeschi emigrated to the U.S. from Italy before opening his first meat market. Today, with dozens of franchisee-operated units, the company is providing a stable business opportunity for a generation of new Americans.
At the same time, the grandson maintains, it is critical to connect with the younger generation to ensure the brand remains fresh and relevant. "As an outsider that is still fairly new to the company's operations, I have a keen understanding of the history of the brand. My father, my uncles, my cousins, and the people that built the company believed in providing a service. They knew the profits would come, but it was all about the service, so we need to continually reinforce that message," he said.
Part of that message can be traced back to the Great Depression, a time not unlike today, which was extremely challenging for scores of New England residents, but also an era that gobbled up businesses and erased corporate fortunes. Angelo Tedeschi kept the company afloat by extending credit to customers and accepting payment as the money trickled in to desperate customers. It wasn't the best of times for the Tedeschi clan, but doing the right thing for its customers only served to further enhance the reputation of this family owned business.
"The country was in a bad spot, but my grandfather never thought twice about helping as much as he could," Mr. Tedeschi said. "We need to remind consumers that we have been around since 1923, and we're still here. We survived the Great Depression alongside your grandparents and served your parents, and now it's our turn to serve you. Proud of our past, focused on our future. That's what we're all about."
Discussion Questions: What are the advantages as well as the disadvantages of family-owned retailers, especially those long in existence? What challenges might they face that would be different than more corporate-driven retailers?