7-Eleven’s Recent Closures: What Independent Store Owners Can Learn

In recent news, 7-Eleven announced it’s closing 444 underperforming stores across the United States and Canada, affecting about 3% of its North American locations. The convenience store giant cites high inflation and a decline in cigarette sales as major reasons. Instead of pushing to keep every location open, 7-Eleven is adjusting its approach by focusing on higher-demand items like food and specialty drinks. So, what does this mean for independent convenience store owners? Here are key takeaways and tips on how small businesses can learn from these changes to boost profits and avoid common pitfalls.

Why 7-Eleven Made This Move

With rising inflation, many shoppers have been cutting down on non-essential purchases, while cigarette sales – a traditional staple in convenience stores – have seen a marked decline. 7-Eleven is looking to future-proof its stores by shifting focus to what customers value most today. This includes adding fresh, bake-in-store items, high-quality coffee, and other food options that make the stores a destination for quick meals as well as convenience items.

Key Takeaways for Independent Store Owners

1. Adapt to Consumer Trends: Consumers are prioritizing fresh, fast, and affordable food options over many traditional items. This shift reflects a broader trend toward healthier choices and convenient meals on the go. Independent stores can take a page from 7-Elevent’s playbook by offering fresh coffee, snacks, or grab-and-go meal items.
2. Evaluation Underperforming Areas in Your Store: It’s not easy to make the decision to remove low-performing items, but periodic evaluations can help keep your store relevant. Look at sales data and consider cutting back on low-demand items. For example, if cigarette sales are slowing, it might be time to experiment with alternatives like healthier snacks or local products that cater to new customer preferences.
3. Focus on High-Margin Products: Convenience stores often rely on high-margin products like beverages, snacks, and prepared foods. By shifting focus to higher-margin areas, you can make the most of limited space and give customers more of what they’re seeking.
4. Use Technology to Manage Inventory and Sales: Managing inventory is critical, especially for independent stores with limited space and budgets. Inventory management systems, like mercury|One’s back office software, make it easy to track high-demand items and quickly identify underperforming products. This tech can also help you maximize profit by understanding which items generate the most sales and when.
5. Think Like a Big Chain but Keep the Personal Touch: One of the biggest strengths of independent stores is a closer relationship with the local community. As you adopt strategies like 7-Eleven’s – focusing on high-demand products and being selective with what you stock – remember to keep customer service at the forefront. Take note of what regular customers are asking for, and try new items that reflect local tastes.

How Independent Stores Stay Competitive

7-Eleven’s recent closures highlight the importance of a data-driven approach to inventory and sales. MostEdge’s solutions are designed to help independent stores not only monitor sales and inventory but also improve efficiency and focus on areas that drive the most profit. From back office support to loyalty programs and advanced inventory management, our services equip you with the same tools that large chains use, tailored specifically to your operation.

If you’re interested in learning more about how to improve your store’s profitability and adapt to changing customer demands, MostEdge offers a free store evaluation. This evaluation can help you identify opportunities to streamline operations, manage inventory better, and boost profits – similar to the strategies being used by big players like 7-Eleven.

In conclusion, 7-Eleven’s closures shows how even giants in the industry must adapt to shifting demands. By focusing on what your customers value most, trimming underperforming items, and using smart tools for inventory and sales, your store can stay resilient, even in a competitive environment. Ready to get started?