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Convenience stores, with their unique commercial properties, stand at the forefront of the retail industry globally. These establishments, open 24/7, cater to the fast-paced lifestyles of consumers, offering a limited yet high-turnover selection of convenience products.
As we delve into the exploration of convenience stores, we uncover the significance they hold in the retail tapestry. Their ability to provide "fill-in" purchases and quick in-and-out shopping experiences positions them as a crucial player in the market.
The roots of convenience stores trace back to the ingenious idea of the Southland Ice Company in Dallas, Texas, in May 1927.
"Uncle Johnny" Jefferson Green, recognizing the need for essential items after traditional grocery stores closed, stocked staple products in his already 16-hour-a-day open store.
Looking globally, we find convenience store density peaks in Taiwan, with over 9,000 stores by 2009. Japan boasts 42,325 convenience stores as of August 2009, emphasizing the competitive nature of this industry worldwide.
Examining convenience stores globally reveals interesting trends.
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In the U.S. and Canada, convenience stores often operate as extensions of supermarkets and hypermarkets. In the U.S., these stores raked in $511 billion in total sales in 2009, with a significant portion coming from motor fuel sales.
Canada boasts global recognition, with Canadian convenience stores winning the Global Convenience Industry Award. This underscores the industry's potential and the exceptional achievements of Canadian establishments.
Zooming into the Philippines, a distinct retail landscape emerges. Sari-sari stores, traditional small outlets, have evolved into convenience stores, offering a broader selection of products.
Open 24/7, these stores align with the fast-paced urban lifestyles of Filipinos.
The City of Urdaneta, for instance, has seen a surge in convenience stores, reaching five operational 24-hour establishments. Proximity to schools, bus stops, and gasoline stations strategically targets students and passengers as the primary customer base.
Understanding the factors shaping the operation of convenience stores is pivotal. Employing the SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) provides a comprehensive view of the management technique. Additionally, the Marketing Mix, encompassing Product, Price, Place, Promotion, and People, plays a crucial role in strategizing.
As Armstrong (2006) notes, corporate planning is essential for organizations to achieve their objectives. Yet, there's a notable gap in insights and studies focused on the operation of convenience stores. This study aims to fill that void, contributing to the understanding of operational management in convenience stores.
Convenience stores exhibit diverse characteristics across regions, reflecting the cultural and economic nuances of each area. In North America, particularly in the United States and Canada, convenience stores often operate as extensions of larger supermarkets and hypermarkets. The U.S. convenience store industry, boasting nearly 145,000 stores, achieved a remarkable $511 billion in total sales in 2009, with a substantial portion attributed to motor fuel sales.
Canada, too, has left its mark on the global convenience store landscape. Canadian establishments have been consistently recognized at the Global Convenience Industry Award, with notable winners such as Scott Lombard from JTI-Macdonald Corp. and Magda Grabowski from Mac’s Convenience Stores. This international acknowledgment highlights the industry's potential and the exceptional achievements of Canadian convenience stores.
Within the Philippines, the convenience store narrative takes on a unique character. Originating from the traditional sari-sari stores, which make up 90% of retail outlets, convenience stores have evolved to offer a broader spectrum of products. They embody a fusion of the traditional sari-sari store attributes with those of a modern supermarket. Operating 24/7, these stores cater to the fast-paced and evolving lifestyles of urban professionals.
In the City of Urdaneta, the convenience store phenomenon is evident with the establishment of five 24-hour stores. Strategically located near schools, bus stops, and gasoline stations, these stores target students and commuters as their primary customer base. Offering a variety of items, from snacks to nicotine products, these stores play a pivotal role in the daily lives of the local population.
Understanding the factors influencing the operation of convenience stores is essential for effective management. The SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) provides a holistic view of the management technique. This strategic tool allows businesses to identify internal strengths and weaknesses, as well as external opportunities and threats. Additionally, the Marketing Mix, incorporating the 5Ps (Product, Price, Place, Promotion, and People), plays a crucial role in developing effective strategies.
As Armstrong (2006) emphasizes, corporate planning is a systematic and rigorous process that organizations employ to achieve their objectives. Despite the immense potential and the significant investment required to penetrate and serve the convenience store market, there remains a scarcity of insights and studies focusing on the operational aspects of this store format.
This study seeks to bridge that gap by delving into the operational management of convenience stores. By doing so, we aim to contribute valuable insights that can enhance the development strategies of convenience stores in the City of Urdaneta. Furthermore, we intend to propose technological advancements that can optimize the delivery of services and products to customers, ultimately benefiting both the management and the local community.
Optimizing Convenience Stores: Strategies for Success. (2020, Jun 02). Retrieved from https://studymoose.com/extended-marketing-mix-of-convenience-store-new-essay
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