Convenience store turnover is staggering—100% is typical, and 200% is common among hourly retail employees. Yet, in a Fortune magazine survey of the most admired companies, “the single best predictor of overall excellence was a company’s ability to attract, motivate and retain talented people.” Training and preparing employees for advancement is one proven method for…
Tax Planning and the IRS
It is no secret that the Internal Revenue Service (IRS) audits relatively few tax returns. In fact, each year the IRS publishes the figures. The IRS’s own data reveals that slightly more than 1% of all tax returns filed were audited. The audit figures for the almost 10 million business returns filed in fiscal 2009,…
3 Rules of Social Media Marketing
Social networks like Twitter, Facebook and YouTube have put the power of the media in the hands of the average citizen. Entrepreneurs, information marketers, and college students have learned that they can be the media for audiences both large and small. They have also learned that the nightly news and the traditional print media will…
Growing Milk and Dairy Sales
Milk’s Bumpy Ride In Mintel International’s new “Milk in the U.S.” report, senior analyst David Browne predicted a “bumpy ride” for the $11-billion milk market. Few categories, he noted, are as volatile as milk, which is reflected in the wild dollar sales swing during 2004-09. “Volatility may return to the market in late…
Elevating Snack Sales
The weak economy has not taken much of a bite out of meat snack sales. Americans are loathe to sacrifice edible indulgences, even in times of financial crisis. All three NACS snacks categories—salty, packaged sweet and alternative—showed increases in average sales per store from 2008 to 2009, and showed gross-margin percentage and average gross-margin-dollar-per-store gains.…
Outlook Strong for Salty Snacks
The recession of the past couple of years has not swayed consumers from their salty snack habits. In almost every type of data, salty snacks continue to thrive. According to NACS’ 2010 State of the Industry report, convenience store salty snack sales climbed 3.4%, while margin dollars climbed 4.8%. Since 2007, sales of salty snacks…
Lighting the Way to Profitability
Lighters can be an afterthought. There are relatively few manufacturers, everyone merchandises them near the front counter, liability issues have cut down on cheap products and differentiation is only skin deep. But even given the limited number of companies supplying products, lighters produce an excellent margin—between 40% and 60%—and sales have been steady for the…
Developing a Customized Foodservice Menu
Testing New Products As new products earn their way onto your menu don’t forget about the equipment. “Let’s say you’ve got a roller grill and you’ve been selling hot dogs forever,” explained Larry Miller, president of Miller Management & Consulting Services Inc. in Sanford, Fla. “Now somebody brings you a handheld Mexican product,…
Building a Proprietary Food Program
Ingredients for Success The answer to the question, “How can c-store operators develop proprietary foodservice programs?” is, according to consultant Dan Bendall, founder and president of FoodStrategy Inc. in Rockville, Md., the same as what he would tell any would-be restaurateur. “You need the following ingredients to be successful, not just serve food.” They…
Meeting the Demand for Fresh Foods
Rx for Dinner Walgreen’s drug chain recently announced that it will test market chilled foods at a dozen of its 7,500 stores this fall to determine if busy consumers are willing to stop at a drug store for a grab-and-go lunch or dinner. While full details of the test have not been made public,…