Alex has been a staple in our community since we moved to our new location in 2006. His convenience store operates much like any other — his gas prices usually follow the swings of the market. But when it comes to diesel, Alex’s pricing strategy takes an interesting turn. He charges significantly more for diesel…
How AI Is Set to Transform Retail
The history of mankind is generally divided into different eras based on significant events and changes in human civilization. The exact number and names of these eras can vary depending on the source, but some commonly recognized eras are: Paleolithic Era, Neolithic Era, Bronze Age, Iron Age, Middle Ages, Renaissance, Industrial Revolution and the Information…
How AI Can Help Build a Profitable C-Store Business
As artificial intelligence (AI) has become available for convenience retailers to implement in their businesses, it allows us to visualize our products as a team of machines, synchronized to drive profits through stores. In today’s market, convenience stores and other retailers are increasingly looking for ways to leverage technology for improved customer experience and cost…
Five Ways AI is Transforming C-Store Retailing
Artificial intelligence (AI) is revolutionizing the convenience retail industry, providing new opportunities for retailers to streamline operations and enhance customer experiences. Here are five key examples of how AI is transforming this sector: Inventory Management: With AI-powered inventory management systems, retailers can accurately track stock levels, predict demand and prevent out-of-stock situations. AI algorithms can…
Why C-Stores Will Be Great Beneficiaries of Artificial Intelligence
In today’s world, the retail industry has become more complex and diversified than ever before. With emerging technologies like artificial intelligence (AI), businesses are getting the opportunity to streamline their operations and offer better services to their customers. One industry that stands to benefit significantly from AI is the convenience store sector. Due to the…
New Analysis of Fuel Sales in Our Area
The events that occurred in the stock market on April 10 caused me to create an updated fuel sales chart from retail convenience stores in our area. I suspect it is representative of convenience stores across the United States. To read the chart: the vertical axis is dollars (orange line), and gallons (blue line) for…
COVID-19 Effects on Convenience Stores
It’s never too late to prepare. Target is cleaning checkout lines every 30-minutes, Starbucks is banning travel mugs. “It shows that they understand what the issues are,” says Barbara Kahn, professor of marketing at The Wharton School of Business. Kahn also stated that feeling safe while shopping will outlast the virus itself. But will it…
Employees Are A Store’s Most Valuable Asset
If you don’t have a program in place to pick your employees brains on a periodic basis your ‘garden of knowledge’ is incomplete. By Bill Scott Here’s an old saying that I’ve heard repeatedly that goes something like this: “Employees will work for money, but they will swim oceans and climb mountains for praise, acceptance…
Is The C-Store Channel Taking A Wrong Turn?
As c-stores chase the future, are they throwing away some of the things that make them valuable? By Bill Scott As alluded to by Mel Hayne’s contribution, “Always A Good Read”, it seems to me like the majority of the convenience store industry is moving away from its original concept and turning into an upscale…
What is The Typical Profit Split Between Inside Sales and Gas?
By Bill Scott Today, someone asked me, “what is the typical profit split at a gas station between inside sales and gas” on Quora. Here is my response: I thought I had answered this question yesterday, but I will answer it again in a different way. My data shows that in the United States, currently…