September 19, 2012 – Convenience stores, a $57 billion industry, have long been a staple in the American economy. From large urban areas to college campuses to all points in between, the convenience store has become a constant, providing the consumer with commonly needed household and food items. “Convenience stores have stood the test of time here in the United States”, says Joe Ferriolo Director of Wise Business Plans. “There isn’t a person in our nation who at some point in time hasn’t been saved by the convenience store. Gas, food, toiletries, soft drinks, tobacco products; you name it the convenience store typically has it”, says Mr. Ferriolo. Most convenience store chains have been stereotyped by the prices that are typically much higher than those found in more traditional markets. While this stereotype still remains, it has for the most part subsided over the course of the last decade.
The Convenience Store sector is projected to drive $57.0 billion in revenues over the course of 2012 according to IBISworld.com. Analysts attached a healthy 4.4% growth rate to businesses operating in this sector which far exceeds the national average in other industries. “This represents and proves the durability of the convenience store and how relevant they continue to remain despite the various struggles that the economy may experience”, says Mr. Ferriolo. Convenience stores are typically franchised through large chain corporations but there are some operators who strike out and start their own brands. Regardless of the structure of the operation, Wise Business Plans has become adept at developing plans for small business owners in this sector. All convenience store plans developed by Wise include the following:
- Market Analysis: A market analysis is a must for convenience store operators. This component tells the operator where to plant their store and it also plays a vital role in determining the long-term success of the store. “Without an accurate market analysis, the business owner is essentially lost which is why we go the extra mile to ensure the information contained in this segment is representative of the market that they are in fact entering into”, says Mr. Ferriolo.
- Product Selection: “The market analysis directly ties into the product selection process. If the area is high on one segment of the population, race or ethnicity it is in the best interest of the operator to stock items that fit their lifestyles. What we have found in the past is that operators that follow this rule of thumb tend to enjoy a great deal more success than those who don’t”, says Mr. Ferriolo.
- Location: Location can never be overstated when planting a convenience store operation. “History tells us that corner lots are the most attractive and while this has proven to be true, there are other locations that also provide optimal traffic patterns. Our goal is to identify them and in the process, place our client in the best possible position to succeed,” says Mr. Ferriolo.
Convenience stores are projected to continue to be a necessary component of day to day living, progressing and evolving with the needs of the market. When planning to plant your convenience store operation, let the professionals at Wise Business Plans be the first and only name you call.
About Wise Business Plans
Wise Business Plans is a professional business plan writing company that creates custom business plans. The firm is committed to increasing the fundability and growth rate of businesses through strategic planning. To learn more, visit https://wisebusinessplans.comor call 1-800-496-1056 to schedule a consultation.