Sell for More News is a weekly blog series with interesting information from the world of commercial real estate.
In a rapidly changing world, it often pays to observe the dominant players in every industry. Examples are Prologis is the industrial market or Simon Property Group in the retail market. Today, let’s take a look at what 7-Eleven is working on in the convenience store business.
7-Eleven is now moving forward with its “evolution” store format. The c-store giant has opened the new concept in Dallas, Washington, D.C. and San Diego…with plans to expand the concept across the country in 2020. The evolution format is designed to serve as a lab store and real-time experiential testing ground where customers can try the retailer’s latest innovations.
“Our evolution stores bring outstanding innovation to life through new food and beverage platforms as well as through digital experiences,” said 7-Eleven’s CEO.
The initial locations exceeded expectations with enthusiastic reviews, crowds of customers and sales that continue to climb. The concepts that resonate with consumers are refined before being incorporated into the next generation of the chain’s store standards.
The evolution stores include an assortment of exclusive products, services and features customized to the neighborhoods they serve. Digital initiatives that enhance the shopping experience are woven into the concept, including technology that allows customers to skip the checkout line and pay for their purchases via the 7-Eleven app.
Other features include:
- Made-to-order specialty drinks that give customers the option to customize their drinks in a full-service beverage format…including custom hot coffee drinks like flavored lattes, mochas…as well as custom cold drinks like smoothies, agua frescas and cold brew coffee
- Self-serve specialty coffee drinks with the addition of touch-screen machines that brew custom hot coffee drinks like lattes, cappuccinos, espresso shots in seconds
- Cold treats bar with multiple frozen yogurt and ice cream with multiple toppings
- National brand electronics such as tablets and Bluetooth headphones available for sale from a secure, self-serve kiosk
- On-the-go beauty with expanded skin care, makeup and other health and beauty items
- 7Now Delivery App…7-Eleven’s on-demand delivery app allows customers to have their favorite items delivered to their door
- The Cellar, an alcove dedicated to an expanded selection of wines and craft beers…with a nearby growler station that features a rotating selection of local craft beer, cider and ales on tap
These new stores are essentially learning labs where new concepts are tailored to meet the needs of the communities they serve. 7-Eleven says it will continue to evolve based on customer feedback…and that they plan to create the next generation of convenience stores together with their customers. Sounds like a smart idea to me.
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About Beau Beach, MBA CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee and South Florida markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@BeachwoodSells.com