Good morning.
Sweetgreen, unsurprisingly, is hurting. Once again, Sweetgreen is struggling. Despite their big sexy January 2023 campaign with internet wellness sensation Melissa Wood Health for their “#greenjanuary” campaign, the salad chain’s stock has fallen by more than 60 percent in the past 12 months. I’ve warned in previous letters that if people don’t start returning to offices, businesses will hurt. I told you guys. Just kidding. But Sweetgreen clearly had a strong reliance on office workers, and if people are working from home they can make their own damn salad. One Tweet remembers the good old days, “My old office had a sweetgreen outpost and the glee these people had from mediocre salads sitting unrefrigerated for an hour was horrifying.” Analysts are still bullish on the company because it has moved to build digital sales and loyalty. Nothing makes me feel more like a robot than ordering my salad on my phone and picking it up from a pick-up hub and never having to look a human in the eye once.