CONVENIENCE STORES FEELING THE SQUEEZE OF DOLLAR STORES
The latest news headlines show that Dollar Store ownership is growing, here to stay, and convenience stores are the latest small businesses to feel the squeeze of the growing number of Dollar Stores.
According to Bloomberg Business in a recent article consumers are changing the way they shop for everything as they become more budget concise by the year. The article was quoted as saying;
The U.S. convenience store industry is facing an inconvenient truth: Americans are changing the way they shop for snacks and drinks.
The nation’s 154,500 convenience stores are getting squeezed by competition from all sides. Fast-food restaurants and supermarkets are slugging it out in price wars, while dollar stores keep popping up everywhere.
The $550 billion convenience store industry last year recorded its weakest merchandise sales growth since 2013, and businesses are rushing to improve loyalty programs, offer better food and let customers order online. Some are even testing delivery. In a sign of the changing times, Circle K owner Alimentation Couche-Tard Inc., a Canadian company with 7,700 stores in the U.S., hired its first-ever chief marketing officer.