What's Happening?
At the 2025 NACS Show held in Chicago from October 14-17, key figures in the convenience-store industry shared their insights on effective negotiation strategies. The panel included Brian Ferguson, Chief
Marketing Officer at EG America; Tiffany Fraley, CEO of InConvenience Inc.; Jeffry Harrison, Co-founder and President of Rovertown; and Jay Nelson, CEO of Excel Tire Gauge LLC. The discussion, moderated by Jeff Burrell, Vice President of Retail Engagement at NACS, emphasized the importance of preparation, listening, and maintaining a balanced approach during negotiations. Ferguson highlighted the necessity of thorough preparation, including data gathering and internal alignment, to ensure successful outcomes. Fraley stressed the importance of team buy-in and understanding the objectives of negotiations. Nelson and Harrison advised on the significance of listening to understand the other party's needs and cautioned against overly aggressive tactics.
Why It's Important?
The insights shared by these industry leaders are crucial for convenience-store operators who regularly engage in negotiations for contracts, products, and services. Effective negotiation can lead to better business deals, improved supplier relationships, and enhanced operational efficiency. For the convenience-store sector, which is highly competitive and rapidly evolving, mastering negotiation skills can provide a significant advantage. The strategies discussed, such as preparation and understanding the counterpart's needs, are applicable across various business contexts, potentially leading to more sustainable and profitable partnerships. This knowledge is particularly valuable for smaller operators who may lack the resources of larger chains but can leverage negotiation skills to level the playing field.
What's Next?
Convenience-store operators are likely to implement these strategies in their future negotiations, potentially leading to more favorable terms and stronger business relationships. As the industry continues to evolve with technological advancements and changing consumer preferences, the ability to negotiate effectively will remain a critical skill. Stakeholders may also explore further training and development opportunities to enhance their negotiation capabilities, ensuring they remain competitive in the market.
