Beyond fraudulent accountancy practices, here are 5 things we can learn from the collapse of Patisserie Valerie:
- Brands must know their occasion
- It was never clear whether Patisserie Valerie was a restaurant, a café or a cake shop
- Brands must know who they are for
- Who was Patisserie Valerie aimed at? Empty-nesters, middle-aged people or rather anyone who thought they were middle-aged?
- Brands must appreciate there is a fine line between being a large independent brand and a ubiquitous chain
- In 2006, when the family-run Patisserie Valerie was bought, it had just 10 stores. By the time it fell into administration, it had grown into a 206-branch chain.
- Authenticity is the key – brands that lose sight of their purpose and heritage will inevitably lose out
- Authenticity is the key – brands that lose sight of their purpose and heritage will inevitably lose out
- Brands must not become complacent
- Patisserie Valerie became too comfortable with the niche they occupied. They failed to respond to changes in the industry and consequently fell out of sync with the current consumer
Patisserie Valerie now joins the ranks of Carluccio’s, Prezzo, the burger chain Byron and Jamie’s Italian who have all been forced to restructure and close restaurants after a crippling slowdown in consumer spending. We discussed this decline and the wider failure of the high street in our Travel & Lifestyle 2018 round up video. Watch it now if you haven’t already seen it!
By:
Amber