What is the story about?
What's Happening?
Rajeev Sharma, founder and CEO of VideoMining, presented insights at the CSP Center Store Forum, emphasizing the untapped potential of the center store in convenience stores. According to Sharma, center store shoppers spend 19% more time in the store compared to other shoppers, and 77% of these buyers purchase additional items. Despite representing 58% of storewide shoppers, the center store accounts for only 29% of storewide buyers. This discrepancy is attributed to changing consumer lifestyles, such as remote work and the availability of delivery services, which reduce the urgency to shop in-store. Sharma suggests that retailers should adapt by meeting shoppers' needs based on trip missions and dayparts, and by enhancing in-aisle signage and cross-promotional offers.
Why It's Important?
The insights provided by Sharma highlight a significant opportunity for convenience stores to increase sales by optimizing the center store experience. As consumer habits evolve, particularly with the rise of remote work and delivery services, retailers must adapt to maintain and grow their customer base. By focusing on the center store, which already shows high engagement, retailers can potentially increase overall store sales and customer satisfaction. This approach could lead to a competitive advantage in the convenience store sector, where consumer expectations for immediacy and convenience are high.
What's Next?
Retailers are likely to explore strategies to better leverage the center store's potential. This could involve redesigning store layouts to enhance the shopping experience, implementing targeted promotions, and using data analytics to understand shopper behavior. As the retail landscape continues to evolve, those who successfully adapt to these changes may see increased customer loyalty and sales growth.
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