A few months ago I read an article in the Wall Street Journal in which the CEO of Yum Brands, Greg Creed, was interviewed. Yum Brands is the owner of fast food franchises, Taco Bell, KFC and Pizza Hut.
Some of the interview centered on the spin- off of Yum China, which became a separate company from Yum Brands and which is now traded on the NY Stock Exchange.
The most interesting part of the article, however, was the answer of Mr. Creed when asked how the food business has evolved. He answered that maybe 20 years ago, “food was fuel and then then food became an experience and now it is an experience worth sharing. We’re not in the food business anymore, we’re in the food-experience business.”
Thinking it over, maybe he’s exactly right but is this a positive change and what does it mean for all the food and restaurant companies and how they operate their companies?