Definition of a Convenience Store
A convenience store sells everyday items like snacks, drinks, and groceries. It is a small shop located in residential areas or near offices. These stores earn well as people visit them often for quick purchases. For example, 7-Eleven has over 70,000 stores globally that operate 24/7.
Examples of Convenience Stores
Another example is Trader Joe’s which started to compete with 7-Eleven. Convenience stores make money by buying and selling goods with higher profit margins. They sell things like snacks, beverages, lottery tickets, and sometimes alcohol. Basic equipment needed includes cold drink dispensers, microwaves, and fridges. The most popular products are lottery tickets, drinks, and snacks.
Comparison with Grocery Stores
An average convenience store has around 1,100 visitors daily. These shops complement groceries that consumers forgot to buy earlier. They are easily accessible as they remain open for long hours. Grocery and convenience stores differ in their missions. While groceries cater to all shopping needs, convenience stores provide quick solutions.