CStore Decisions

  • Home
  • Today on CSD
  • Categories
    • CBD
    • Foodservice
    • Fuel & Gas
    • Health & Beauty
    • Independent Operators
    • Operations & Marketing
    • Technology
  • CStore Playbooks
    • CBD Playbook
    • Foodservice Playbook
    • Technology Playbook
    • Alcoholic Beverage Playbook
    • Tobacco Playbook
  • Products
    • Hot New Products Contest
    • Beverages & Cold Vault
    • Candy, Gum & Mints
    • Snacks
    • Tobacco
  • Resources
    • Digital Issues
    • Research & Downloads
    • Podcasts/How To Series
    • On Location
    • FAQ
    • 2022 Top 111 Chains
    • Leaders in Convenience
    • Rack Prices
    • Sponsored Content
    • Videos
    • Webinars / Digital Events
    • White Papers
  • Events
    • 2021 Chain of the Year
    • Convenience Directions
    • NAG Convenience Conference
    • Young Executive Organization
  • Join
    • National Advisory Group
    • Safe Shop Assured
    • Young Executive Organization

Three Challenges Disrupting C-Store Operations and How to Overcome Them

By Sponsored Content | April 13, 2022

Share

The convenience store industry has continuously proved it is one of the most adaptable and resilient industries as they’ve overcome difficult operational obstacles during the pandemic. However, there are still challenges today that continue to present their own concerns. Here are three challenges that c-stores will face in 2022, and how to solve them.

Labor Shortage

Since the pandemic, c-stores have faced significant labor challenges due to employee turnover and increasing wages. This has led many managers to assist in performing frontline workers’ duties to keep the c-store running smoothly. It is not surprising this challenge has c-store owners and operators looking into automating low-value tasks like cash handling to help reduce costs and boost efficiency while keeping employees in-store and focused on higher-value tasks.

“The biggest issue when it comes to labor is not the cost of labor, it is the availability of labor,” says Lenny Evansek, senior vice president of national retail business development. “Cash activities at the start of and end-of-shift are a time-consuming process, especially for c-stores, and when you add in unnecessary trips to the bank for deposits and change, cash handling can take up a significant part of your employee’s time that could be better spent on core job responsibilities.”

There is now a solution that can automate virtually all cash activity within their store with one turn-key solution: recyclers. Loomis’s SafePoint Titan R recyclers help c-stores optimize their cash management by giving owners the ability to access the funds they need at all hours. This is vital for c-stores that often operate 24 hours a day and send staff to the bank multiple times a day to make deposits or get change. Smart safes can save managers 45 minutes to an hour and a half per day depending on the size of the business. However, with cash and coin recyclers, the time savings can be upwards of 3-5 hours.

Bank Branch Closures

An often overlooked challenge for c-store operators is the obstacles brought on by bank branch consolidation. According to S&P Global, 5,231 branches closed during the COVID-19 pandemic, with 2,927 branch closures happening in 2021 alone. This has led to a permanent shift in how financial institutions operate and conduct business with commercial clients. Because of this shift, c-stores have now been faced with having to open new/more banking relationships, pay increased fees for necessary services such as over-the-counter deposits, or make longer drives to the bank, keeping managers out of the store more than before.

Prior to all the bank branch closures, many c-stores still went to the bank for deposits and change despite the increased risk and loss of productivity. However, between the cost of labor, less staff in-store, increased banking fees, and longer drives it is now more cost- and time-effective to use a solution like recyclers. Cash is as good as money in the bank once it is in the safe. Recyclers automatically count and secure cash and coin until an armored car picks it up while providing the c-store daily provisional credit, all while reducing risk to employees and cash.

Rising Credit Card Fees

Accepting credit cards is important for any business. While many voices claim that cash is more expensive than other payment methods, credit card transaction fees can cost a business 2.25-3.5 percent of sales. However, with a solution like Loomis’s SafePoint, an operator’s cost of a cash transaction is one percent or lower.

“Worker shortages, higher wages, banking closures, and rising credit card fees are not temporary issues that are going away,” says Evansek. “Waiting and thinking that the situation will correct itself will only prolong the problem. Banking centers will continue to close and consolidate, credit card fees will rise, and the worker shortage could be generational and not just COVID-related.”

These challenges should be addressed sooner rather than later for c-stores looking to maximize their staff and reduce time-consuming and costly tasks. To learn more about automating your c-store’s cash management, visit loomis.us/cashrecycling.

Learn More  

Sponsored content by Loomis

Related Articles Read More >

Create Some Positivity at the Pump: 3 Ways to Fuel Customer Experiences
How Minuteman Food Mart Ensures a Consistent Customer Experience Across 44 Stores
Why Wait? Converting to E15 is easy.
It’s time you profited from your checkout line
Safe Shop Assured

CStore Decisions Newsletter

Sponsored Content

  • Create Some Positivity at the Pump: 3 Ways to Fuel Customer Experiences
  • How Minuteman Food Mart Ensures a Consistent Customer Experience Across 44 Stores
  • Three Challenges Disrupting C-Store Operations and How to Overcome Them
  • Why Wait? Converting to E15 is easy.
  • It’s time you profited from your checkout line

Get the Magazine

Subscribe Now!
Subscribe Now!

Manage Current Subscription
CStore Decisions
  • New CSD Print Subscription
  • Manage current print subscription
  • CBD Retail Trends
  • CStore Products
  • NAG Convenience Conference
  • Convenience Directions
  • Rack Prices
  • Subscribe to CSD’s E-Newsletter
  • About CStore Decisions
  • Advertise

Copyright © 2022 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search CStore Decisions

  • Home
  • Today on CSD
  • Categories
    • CBD
    • Foodservice
    • Fuel & Gas
    • Health & Beauty
    • Independent Operators
    • Operations & Marketing
    • Technology
  • CStore Playbooks
    • CBD Playbook
    • Foodservice Playbook
    • Technology Playbook
    • Alcoholic Beverage Playbook
    • Tobacco Playbook
  • Products
    • Hot New Products Contest
    • Beverages & Cold Vault
    • Candy, Gum & Mints
    • Snacks
    • Tobacco
  • Resources
    • Digital Issues
    • Research & Downloads
    • Podcasts/How To Series
    • On Location
    • FAQ
    • 2022 Top 111 Chains
    • Leaders in Convenience
    • Rack Prices
    • Sponsored Content
    • Videos
    • Webinars / Digital Events
    • White Papers
  • Events
    • 2021 Chain of the Year
    • Convenience Directions
    • NAG Convenience Conference
    • Young Executive Organization
  • Join
    • National Advisory Group
    • Safe Shop Assured
    • Young Executive Organization