Posted in Marketing and Strategy Terms, Total Reads: 1643
Definition: Convenience Store
Convenience stores are the small retail shops that sell the items of everyday usage such as groceries, toiletries, soft drinks etc. These convenience stored can also offer basic services like telephone booths, photocopying, or courier services. These stores generally do their business in a popular residential area or close to a business hub with offices. The convenience stores are generally small in size, and keep limited stock as compared to supermarket or a grocery store.
Convenience stores are standalone small store in and around a populated neighbourhood. Such stores are also present at petrol pumps and gas stations. A person who buys gas, diesel or petrol for their car, can easily go to one of these stores and get products as per his or her needs. These stores can also be located at highways, near railway stations etc. Because of the sheer convenience they provide, they are known as convenience stores. These stores can serve customers 24x7x365 or can have specific timings depending upon the area or permission or business requirement.
Convenience goods like foods items, grocery, beverages etc are mostly present at convenience stores. Depending upon the demand, demographics and business requirements, these shops change their product base to maximise sale and reduce inventory at their store.
Difference between convenience store and grocery store
Convenience stores are smaller in size when compared to a grocery store and supermarket. Only things required for basic needs like toiletries, foods items, softdrinks etc are kept at such stores. The cost of buying at a convenience store is slightly higher as compared to a supermarket as they keep smaller quantities and thus have limited margins. On the other hand, big supermarkets and grocery stores do a business on volume and can afford to give products at a lesser rate.