Introduction to Convenience Stores
A convenience store is a small retail business that stocks everyday items such as snacks, drinks, toiletries, and newspapers. Well-known convenience store chains include 7-Eleven, Lawson, Circle K, and Wawa. Convenience stores meet locals’ and travelers’ needs for quick purchases of food, drinks, and other common items.
Traditional Convenience Stores
The traditional convenience stores are the most common type of convenience store. The size of traditional convenience stores is usually 2400 – 2500 square feet. These stores offer an extensive range of products like bakery, dairy, beverages, snack food, grocery, tobacco, health and beauty products, prepared foods to go, frozen or fresh meat, gasoline, and various other items.
Importance and Operations
Convenience stores are small in size (Average around 2500 square feet), and keep limited stock as compared to supermarket or grocery store. A convenience store is a small retail shop that sells items of everyday usage like groceries, toiletries, soft drinks, etc. These stores generally do their business in a popular residential area or close to a business hub with offices.
Key Information on U.S. Convenience Stores
According to a 2018 industry report, 153,237 convenience stores are operating in the U.S. These stores generated $616.3 billion in sales for an average of nearly $4 million per store. Shell is the largest convenience store chain with 11,563 stores across 49 states.
Growth and Expansion
Fastest Growing Convenience Stores
- FamilyMart: Offers convenient shopping with over 24,000 stores open 24/7. It has 10,000+ items, from food to daily necessities. Services include ticket sales, payments, copying, and delivery.
- 7-Eleven: With 12,000 locations, bets on healthier options and tech services to redefine its future.
Global Presence and Comparison
Convenience stores typically sell pre-packaged items, unlike supermarkets with more variety and fresh foods. They meet quick, everyday needs for a product or two, while grocery stores are for everyday and special food purchases.
Trends and Regional Insights
International chains like 7-Eleven are on almost every street in the Philippines’ cities. 7-Eleven, run by Philippine Seven Corporation with over 2,285 branches, opened its first store in Quezon City in 1984. Traditional convenience stores are usually 2,400–2,500 square feet with 5-12 parking spots, offering grocery, dairy, snacks, health items, prepared foods, and more. Many are easily accessible and open 24 hours.
In 2018, over 153,000 U.S. convenience stores generated $616 billion in sales. Profit margins are typically thin, even for leading chains enhancing healthy foods and tech services. Convenience chains keep expanding globally to meet demand.