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. These stores are typically open long hours and located in busy areas for customer convenience.
Convenience stores make money by buying goods wholesale and selling them at a retail markup. They differ from supermarkets in their smaller size, limited selection, and higher prices. Although selection is limited compared to supermarkets, convenience stores aim to complement grocery trips by providing essentials.
The Common Format of 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. They 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.
Convenience stores are known for their additional core task of providing convenience. They are found close to gas stations, shopping malls, highways, and are usually found in popular residential areas or near business hubs with offices.
In India, tiny shops that offer groceries and other household goods are referred to as “kirana stores,” or convenience stores. They are mainly family-run businesses and are a necessary component of contemporary living since they give clients quick access to a variety of goods and services.
Industry Statistics and Growth
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.
FamilyMart offers convenient shopping with over 24,000 stores open 24/7. It has 10,000+ items, from food to daily necessities.
Services:
- ticket sales
- payments
- copying
- delivery
7-Eleven, with 12,000 locations, bets on healthier options and tech services to redefine its future.
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.
Convenience chains keep expanding globally to meet demand.