Overview of Corner Stores
According to the 2018 industry report, there are 153,237 grocery stores in the USA generating $616.3 billion in sales, averaging nearly $4 million per store. The profit in the sale of non-fuel products in an average store is about 2.1%, approximately $75.83 per day. The profitability of a corner store depends on various factors, necessitating research before opening one.
Running a Corner Store
Running a corner store requires licenses, initial inventory, store fittings, and operating expenses, typically costing $50,000 to $100,000 to start up.
Convenience Stores in a Nutshell
Convenience stores stock everyday items like coffee, snacks, tobacco, drinks, and newspapers and sell at higher prices compared to supermarkets. These stores operate with slim profit margins, around 2-3%.
Revenue Generation and Profit Margins
Convenience stores generate revenue from multiple sources, and their profit margins range from 2-3%. Single-store profit margins average 2.1%, while chains with multiple locations can reach 5-10%.