Todd Hamstra, the owner of Freshco in Bell's Corners, shares his experience as a franchisee and his journey of turning around a failing store. He discusses the revitalization of Bell's Corners and his commitment to the community. Todd emphasizes the importance of hard work and building strong relationships with staff and customers. He also addresses the high cost of food and provides insights into the pricing strategies of grocery stores. This conversation explores various themes related to the impact of supply chain on food prices, the influence of competition and price wars, the effect of Walmart and US chains on prices, the connection between lifestyle and affordability, the changing cost of living, the difference in childhood experiences, the decline of neighborhood connections, the changing work ethic, teaching work ethic to the next generation, the challenge of finding reliable workers, the value of effort and work, and the generational divide in work ethic. Todd also explains the limited control franchisees have over prices and product selection in their stores. Additionally, he shares his passion for giving back to the community through initiatives such as Thanksgiving turkey giveaways and supporting local schools and organizations.
Takeaways
- Owning a franchise requires experience and a strong work ethic.
- Building a successful business involves investing in the community and developing strong relationships with staff and customers.
- Overcoming challenges and achieving success often requires hard work and perseverance.
- The high cost of food is influenced by various factors, and grocery stores employ pricing strategies to remain competitive. The supply chain plays a significant role in driving food prices.
- Competition and price wars among food suppliers can lead to lower prices for consumers.
- The entry of Walmart and US chains into the market has had a significant impact on prices.
- The cost of living has increased, affecting the affordability of groceries.
- Childhood experiences and lifestyle choices can influence a person's perception of food prices.
- The decline of neighborhood connections has contributed to changes in consumer behavior.
- There is a perceived decline in work ethic among younger generations.
- Teaching work ethic and responsibility to the next generation is important.
- Finding reliable workers can be a challenge for businesses.
- Effort and hard work are essential for success in life.
- There is a generational divide in work ethic and attitudes towards work. There is a noticeable decline in work ethic and dedication among younger generations, leading to challenges in managing employees.
- Franchisees have limited control over prices and product selection in their stores, as these decisions are typically made by the head office.
- Giving back to the community is an important aspect of being a franchisee, and Todd Hamstra actively supports various initiatives and organizations.
- Supporting local schools, organizations, and veterans can have a positive impact on the community and foster a sense of connection and goodwill.
