Convenience Stores Key Terms

Some key terms for buying and operating convenience stores

There are a lot of reasons why a business would choose to invest in a convenience store. These popular stores sell roving populations a lot of the impulse buy and convenience items they use every day. They also provide resting stops in an urban, suburban or rural landscape. However, when considering opening a convenience store, a business should take a look at basic key terms and ideas like the following to really think through a new store opening.

 

Location

One of the biggest aspects of buying and operating a convenience store is location. Most successful owners agree on this point. Location and neighborhood access are key to developing a great and profitable convenience store.
Try: Check out in depth guidelines on location for a convenience store at this Resource Center online.

Extended hours

A big role of convenience stores in the U.S. is to provide for late night purchases. Many convenience stores are open 24/7 and on holidays, but each owner or manager will have to decide on specific extended hours for a store due to a variety of factors, including market conditions.
Try: See more on how extended hours of operation plays into U.S. convenience store business at this info page from Just-Food.

Franchise

A franchise agreement is an agreement between a party that sells its trademarks, name and reputation to another party that uses these to establish a shop that is in some ways independent but partially governed by the franchise regulations. These franchise agreements are common for convenience stores where independent owners and operators profit from having a "chain name."
Try: Find a definition of franchise at Investor Words. Get full details on franchise situations for convenience stores in the U.S. at Franchise Mall.

Soft goods

The retail community has a number of similar definitions for soft goods. Soft goods is the general term used for convenience items and items that consumers often buy in specific general retail settings. In convenience stores, much of the merchandise on the racks falls into the soft goods category.
Try: See some basic definitions of soft goods at this Business Dictionary resource.

Point of sale software

One important item for convenience store operation is good point of sale (POS) software. POS systems help stores easily do transactions for selling all kinds of soft goods and convenience items every day.
Try: Get more details on POS systems and how to choose them at this Buyer's Guide from Buyerzone.

Neighborhood safety

Neighborhood safety is a combination of indicators that more or less spell out the relative health of a community. Neighborhood safety is especially important for convenience stores because of the possibility of theft and violent crime.
Try: Find a detailed neighborhood safety guide online from Solutions for America.

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