Seven-Eleven has more than 66,000 stores all over the world. This gives the company a big location and convenience advantage. As a convenience store, it shouldn't come as a surprise that the main thing they have going for them is that they carry the same products that people usually buy at other Seven-Eleven stores nearby. Because of this, the business will be able to get more customers if it sells its products in more places and serves a wider range of customers. The fact that there are so many Seven-Eleven stores is one of the company's best qualities. Because of this, most people who shop at convenience stores think that Seven-Eleven has the biggest share of the market. This brand equity means that customers are loyal and less price sensitive, which means that its branches tend to have a steady stream of income. But because they can offer such a high level of convenience to customers, it is possible that they will have to pay more for rent because they have to put Seven-Eleven stores in places that are very convenient for customers. They will have to charge more to cover the higher costs of running the business. There are customers who are willing to pay a little bit more for convenience and speed, but there are also customers who are more price conscious because they don't have a lot of money. Also, just like high rental costs, the fact that some stores are open 24 hours a day, seven days a week may lead to higher ongoing operating costs for this type of retail business. Seven-Eleven, for example, needs to set up a shift system so that workers can be at all of their stores 24 hours a day. Because of these rising costs, Seven-Eleven will have to raise its prices if it wants to keep its business profitable. QUESTION : Is there any recommendation to improve 7-Eleven Store location and site analysis?
Subject : Retail Management
Seven-Eleven has more than 66,000 stores all over the world. This gives the company a big location and convenience advantage. As a convenience store, it shouldn't come as a surprise that the main thing they have going for them is that they carry the same products that people usually buy at other Seven-Eleven stores nearby. Because of this, the business will be able to get more customers if it sells its products in more places and serves a wider range of customers.
The fact that there are so many Seven-Eleven stores is one of the company's best qualities. Because of this, most people who shop at convenience stores think that Seven-Eleven has the biggest share of the market. This brand equity means that customers are loyal and less price sensitive, which means that its branches tend to have a steady stream of income.
But because they can offer such a high level of convenience to customers, it is possible that they will have to pay more for rent because they have to put Seven-Eleven stores in places that are very convenient for customers. They will have to charge more to cover the higher costs of running the business. There are customers who are willing to pay a little bit more for convenience and speed, but there are also customers who are more price conscious because they don't have a lot of money.
Also, just like high rental costs, the fact that some stores are open 24 hours a day, seven days a week may lead to higher ongoing operating costs for this type of retail business. Seven-Eleven, for example, needs to set up a shift system so that workers can be at all of their stores 24 hours a day. Because of these rising costs, Seven-Eleven will have to raise its prices if it wants to keep its business profitable.
QUESTION : Is there any recommendation to improve 7-Eleven Store location and site analysis?
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