Convenience Store: A Convenient Way of Shopping In Modern World

Convenience Stores

“In the convenience store business, it’s very competitive, and everybody’s looking for an edge”- Dale Brown.

Where do you think of going when you want to purchase groceries, confectionary, magazines or over-the-counter drugs at the same time? Admittedly, it is a convenience store. Do you know the total number of convenience stores in the U.S. is over a hundred and fifty thousand in recent times?

Interesting, isn’t it?

The market of the convenience store is growing at a rapid pace. It is one of the top three fastest growing sectors in the UK retail market. The growth is fuelled by busier lifestyles and a change in the behavior of shoppers. A large number of people are shopping for a lot of things from the same place, rather than a big weekend shopping from the supermarket. It has fuelled up a vast opportunity for convenience store owners. The retail market for convenience stores is to explode with huge profits over the next 5 years.

Are you curious to know more? Let’s discuss in detail about convenience stores.

What is a convenience store?
How is a Convenience store different from a supermarket?
Is Walmart a convenience store?

What is a Convenience Store?

A convenience store or a corner store is a small retail business that stocks a range of everyday items such as snack foods, confectionaries, groceries, soft drinks, tobacco products, over-the-counter drugs, groceries, toiletries, and newspapers. It is small and easily accessible storage. They are typically small and remains open for extended hours. In most cases, they are staffed by a small team of cashiers, stock workers, and managers.

Some convenience stores also offer essential services like telephone booths, courier or photocopying services. These are stand-alone stores in and around a populated neighborhood. Convenience stores are also present at petrol pumps and gas stations. A person buying gas, diesel or petrol for their vehicles can quickly go to one of these stores to purchase products as per their needs. Due to the sheer convenience they provide, these stores are known as convenience stores.

These stores generally charge significantly higher prices than conventional grocery stores or supermarkets. This is because these stores order small quantities of inventory at a relatively higher per-unit cost from wholesalers. However, they sustain from such losses by having their store remain open for longer hours, serving more locations, and providing shorter cashier lines.

Examples:- Ministop, CBA, Indomaret, Tesco Express, Family Mart, 7-Eleven Inc. and much more.

How is a Convenience Store Different From a Supermarket?

Let’s now try to understand the difference between a convenience store and a supermarket. Most people assume that convenience store and supermarkets are all the same. This assumption is based on the fact that they both sell household items and groceries.

Conventional wisdom should give you the idea that convenience stores and supermarkets are interchangeable terms. While both are undoubtedly similar in multiple ways, these are two unique retail businesses with a specific set of characteristics.

Let’s figure out the difference:

CONVENIENCE STORE	SUPERMARKET
Convenience stores are small stores, also known as a corner store, corner shop, party store, etc.	Supermarkets are large self-service grocery stores that offer various food and household supplies.
Some newer or more modern convenience stores have a large selection of products, ranging from milk to paper towels.	Supermarkets typically offer even more than convenience stores. A greater range of products is available at supermarkets.
Convenience stores, as per the name, provides	Supermarkets are larger, more crowded, and time-consuming.
‘Convenient’ accessibility. You can enter and exit easily and comfortably.
Majority of convenience stores sell fuel.	Only some supermarkets have gas stations.
The size of product containers in a convenience store is usually smaller.	If you need a family size product, you would want to visit a supermarket.
Convenience stores have extended and more flexible hours. Some convenience stores remain open for 24 hours.	There are very few supermarkets that stay open for 24 hours.
Convenience stores charge a higher price for a product.	Supermarkets are a relatively cheaper option than a convenience store.
A convenience store is relatively less organized than supermarkets.	The merchandise of a supermarket is organized in a neat aisle format, where each aisle is numbered or labeled and has similar goods put together.

Is Walmart a Convenience Store?

Now that you have a comprehensive idea of convenience stores, let’s try to figure whether Walmart is a convenience store or not.

Walmart Inc., formerly known as Walmart Stores, Inc. is an American multinational retail corporation operating a chain of hypermarkets, discount department stores, and grocery stores. The company was founded in 1962 by Sam Walton. As of January 31, 2019, Walmart has 11,348 stores in 27 countries, which operates under 55 different names. It operates under the name Walmart in the United States and Canada.

In 2018, Walmart planned to extend its reach into a convenience store channel by opening a convenience store on July 11 in Plano, Texas. In place of just fuel and a small selection of snacks, candy, and beverages, these new c-stores offer an expanded chain of hot food, snack and beverage selection and a full assortment of convenience merchandise. It's making an effort to boost its e-commerce offerings by opening a chain of convenience stores. It has opened more convenience stores in Huntsville, Alabama and Thornton, Colorado that also enables the pickup of online grocery orders. Progressing in this order in retail marketing, Walmart can prove to be a significant threat to companies like Amazon and Kroger.

Until recently, Walmart offered an online grocery pickup with hundreds of stores. But, the new convenience store concept is meant to make the process easier and more convenient for the customers, due to the small size that convenience store occupies. People can now avail services of Walmart on the go as per their convenience from highways or gas stations.

Encouraging a continuous flow of customers through doors of convenience store require an understanding of the concept and involves the use of marketing tools that increase business and cash flow. Instead of waiting to see what larger convenience stores in the retail market do next or how they make a difference in the competitive markets, take a proactive stance. Start by learning concepts, differences, and key techniques of the famous convenience stores around the world.

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