Overview of Convenience Stores
Convenience stores sell everyday items like snacks, drinks, milk, bread, and cheese. They are called "convenience stores" due to their convenient locations and 24/7 availability. These stores cater to high customer traffic, averaging around 1,100 customers per day for those selling fuel, serving a total of 160 million customers daily.
Services Offered by Convenience Stores
Convenience stores combine various services like stores, pawn shops, train ticket sales, post offices, and gas pumps. However, prices in convenience stores are often higher as they order smaller quantities from wholesalers.
Business Strategies of 7-Eleven and Other Chains
7-Eleven is the world’s largest convenience store chain with over 62,000 stores. In the UK, larger chains are expanding to meet consumer demand for greater convenience and choice, introducing new services like click-and-collect. Both are focusing on location, size, decoration, equipment investments, and labor cost management.
Customer Behavior and Industry Trends
Convenience stores are preferred by 67% of shoppers, who visit these stores once a week or more. These stores are leveraging digital transformation to enhance guest engagement, brand loyalty, and online reach. To optimize efficiency, many convenience stores utilize technology for fueling, payments, and inventory management.