Convenience stores are diversifying their business models
Convenience stores and gas stations have always been a reliable place for consumers to visit if they want to make small cash purchases for everyday items. As a result, these establishments can benefit from investing in money counters that make it easier to perform back office processes at the end of the day. Recent industry trends suggest now is an especially good time to consider incorporating such tools into existing operations.
A focus on offering quality products
According to USA Today, many stores across the country are thinking outside of the box when it comes to determining which products they specialize in selling. Whether it's a more diverse collection of wine and beer offerings or gourmet food made on-site, these establishments are coming up with new ways to bring more customers through the door. In fact, some entrepreneurs see a unique opportunity to deliver restaurant-quality food at a much lower overhead cost by investing in small convenience stores.
"They are where people gather, and they have a built-in customer base," Jeff Lenard, vice president of strategic industry initiatives at the National Association of Convenience Stores, told USA Today. "The same characteristics that gas stations have. The potential is there. However, restaurants cost millions, and gas stations do not."
The recent success of Parker's Market Urban Gourmet, a restaurant and convenience store based in Savannah, Ga., is one such example of this latest industry trend. According to USA Today, the renovated automobile dealership now generates $6 million in annual sales because it offers Southern comfort food cooked on-site.
The ability to diversify the kinds of products offered at a convenience store can have positive impacts on long-term revenue. Many of these stores already benefit from creating an inviting atmosphere in which customers can easily browse for small items that are typically purchased with cash. As more of these establishments increase their offerings, money counters can make it easier for managers to count a large number of cash transactions during backroom financial processes.
November 4, 2013