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- 14 Once-Popular Brands People Don’t Care About Anymore (financebuzz.com)
Fading Icons: A Local Look at Once-Mighty Brands Facing a Downturn
Many brands become household names, seeming as timeless as the local diner. They capture our wallets and our imaginations, building legacies that span generations. But even the most iconic labels aren’t immune to the shifting sands of time, especially with recent challenges like economic inflation and evolving consumer tastes.
What was once a must-have or a go-to staple might now be gathering dust, both on store shelves and in our collective consciousness. Here’s a look at more than a dozen brands that once dominated our shopping carts and cultural conversations, now navigating a noticeable decline.
1. Victoria’s Secret
There was a time when Victoria’s Secret ruled the runway, with supermodels strutting in elaborate lingerie and famous “angel wings.” Today, however, the brand isn’t quite soaring. Following a sluggish start to 2024 and weaker annual sales, the lingerie giant saw its shares plunge significantly in March, as shoppers increasingly look for more budget-friendly alternatives.
2. Harley-Davidson
The rumble of a Harley-Davidson engine has been an American sound since 1903, but even this legendary motorbike brand is hitting a new bump in the road. Their recent first-quarter report revealed a year-over-year decline in revenue and a decrease in global motorcycle shipments, signaling a fresh challenge for the storied company.
3. Facebook
Remember when everyone was “poking” on Facebook? The platform lost its “cool” factor for many quite a while ago.
In recent years, an exodus has seen some users delete their accounts, while younger generations have flocked to alternatives like Instagram, WhatsApp, and TikTok. Since 2018, Facebook has seen its user base fall in key markets, along with declining daily active users and engagement rates.
4. SlimFast
Dieters today appear to be moving away from the decades-old SlimFast shakes as their go-to for shedding pounds. The brand is experiencing sustained drops in revenue, and fewer retailers are even stocking its meal replacement products. Despite an acquisition and a packaging refresh, sales haven’t rebounded, suggesting the brand’s focus on an older demographic might be limiting its appeal.
5. Campbell’s Soup
Campbell’s Soup holds a special place in the pantry of American nostalgia, but it seems to be more retro than relevant for many modern consumers. Once a ubiquitous staple, its high-sodium offerings now clash with today’s health-conscious preferences. Even pivots to organic lines and portable snacks haven’t been enough to reverse the tide, as the brand grapples with declining net sales and revenue growth challenges.
6. Jell-O
For many, spotting a box of Jell-O on grocery shelves can feel like a genuine time warp, prompting the question: “Really? They still make these?!” This century-old brand, which once boasted nearly $1 billion in annual sales, ended 2023 at $688 million, reflecting a decade-long slide in demand.
7. H&M
Once a go-to for trendy, affordable fashion, H&M has found itself struggling as consumers increasingly ditch “fast fashion.” Even before the pandemic, the retailer faced declining store traffic and a glut of inventory. All eyes are now on new CEO Daniel Ervér to turn the brand’s fortunes around.
8. Applebee’s
“Things aren’t good in the neighborhood” for Applebee’s. Changing diner preferences have hit the casual dining chain hard.
Their latest earnings report showed a drop in domestic sales year-over-year, leading to plans to close up to 35 locations this year. The company is exploring new “combo” restaurants, pairing Applebee’s with IHOP, in hopes of a revival.
9. Forever 21
When an owner openly states that acquiring a brand was “probably the biggest mistake I made,” it’s a clear sign of trouble. That’s what Authentic CEO Jamie Salter said after purchasing Forever 21 in 2020. The retailer has been fighting an uphill battle since its 2019 bankruptcy filing, now under the ownership of a consortium of companies and even partnering with Shein to boost digital sales and foot traffic.
10. PayPal
PayPal pioneered digital wallets, once considered cutting-edge. However, in recent years, a surge of tough competition has challenged its dominance. A new CEO, Alex Chriss, is implementing significant changes to modernize the brand, but only time will tell if these efforts will secure PayPal’s future.
11. Jack Daniel’s
Even a classic like Jack Daniel’s isn’t immune to shifting tastes. It seems the famed Tennessee whiskey might need a stiff drink itself, with demand for “the brown stuff” dropping since the pandemic. Industry experts note that the market for whiskey and other spirits is currently “recalibrating.”
12. Starbucks
It appears many consumers are rethinking their “spendy Starbucks habit.” The coffee giant is reporting fewer store visits and cooling overseas markets. Amid inflationary pressures, it seems coffee drinkers are increasingly seeking more affordable options for their daily caffeine fix.
13. McDonald’s
The Golden Arches, a symbol of fast-food ubiquity, are reportedly losing some of their luster. Diners are increasingly seeking healthier choices and better value, a combination many consumers feel McDonald’s isn’t currently delivering. The brand is struggling amid inflation, higher worker wages, and evolving diner tastes.
14. Kohl’s
Kohl’s missed nearly all of its first-quarter financial projections, with same-store sales falling for multiple consecutive quarters. Shoppers are increasingly gravitating towards discount retailers like Marshalls and Burlington, posing a significant challenge for the department store chain.
The Bottom Line for Your Wallet
These once-unstoppable brands are now grappling with a mix of changing consumer preferences, economic challenges, and intense competition. For local shoppers, this trend often translates into an opportunity to be more mindful with spending. Whether it’s opting for a more affordable coffee, choosing a different restaurant, or finding generic alternatives that offer similar quality at a reduced price, these shifts reflect a broader recalibration of how we choose to spend our hard-earned cash.
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- 14 Once-Popular Brands People Don’t Care About Anymore (financebuzz.com)