Overview of Convenience Stores
Convenience stores sell everyday items like snacks, drinks, milk, bread, and cheese. Some are standalone, others are attached to gas stations. Known for their convenient locations close to customers and 24/7 availability, the average visit duration is 15 minutes.
Services Offered in Convenience Stores
Convenience stores combine various services such as stores, pawn shops, train ticket sales, post offices, or gas pumps. While they are prevalent in Asian countries due to high population density, the selection in convenience stores is typically limited compared to supermarkets, with prices often higher due to smaller wholesale orders.
Strategies for Relevance and Efficiency
To remain competitive, convenience stores are focusing on optimizing efficiency and revenue by staying abreast of industry trends. Leveraging apps for fueling, payments, and notifications enhances guest engagement, brand loyalty, and online visibility. Controlling operating areas, rent, and inventory pressure are essential, with many stores utilizing rolling shelves for efficient restocking.
Expansion of Chains in the UK
In the UK, the landscape of convenience stores is shifting as small independent stores decline, while larger chains expand to cater to consumer demand for enhanced convenience and choices. Many chains are diversifying their product ranges and introducing new services like click-and-collect to meet evolving customer needs.
7-Eleven – A Key Player
7-Eleven stands as the world’s largest convenience store chain with over 62,000 stores worldwide. Despite being a late entrant in Vietnam, the brand received a warm reception from enthusiastic consumers. Key investments in location, size, decoration, and equipment are crucial for new convenience store setups. Managing labor costs is also vital for sustained success amidst a market with doubling growth rates and ongoing regionalized inflation.