Convenience Store Capital Projects: How to Save Money and Gain Revenue Weeks
In the United States, there are over 153,000 convenience stores.1 If history is any indication, the growth of convenience stores will continue well into the future. In fact, the size of the convenience store industry has roughly doubled over the last three decades. Growth and competition in the market is fierce and convenience stores can no longer rely on competitive pricing and convenience alone to attract customers.
As convenience store owners continue to feel the pressure of running their business as efficiently as possible, they must be able to maximize profits. However, with new demands from consumers, this pressure is not just about (facility) operations. It is about creating a better experience to attract customers, which can include re-branding, renovations and opening new stores as quickly as possible because time is of the essence.
The focus of convenience store owners has shifted from simply ensuring the convenience store can offer a range of everyday items in convenient locations, to more strategic approaches:
- How can we attract and retain more customers?
- How can we open faster and gain revenue weeks?
- How can we respond to changing tastes, needs and likes?
With the expectations of consumers continually changing, a project management solution is integral to new store planning and execution, as well as store remodeling. The faster you can open a store or complete a remodel, the faster you can earn income on that store. Without a dependable solution that ensures capital projects and programs are managed with discipline, convenience stores cannot meet the changing market landscape while also protecting their ROI.
Accruent’s capital projects and programs solution, Lx Projects, has a track record of supporting early, on-time and on-budget completion of construction projects. Lx Projects helps create greater visibility and flexibility around executing your projects in real time to increase efficiency and gain revenue weeks.
Lx Projects reduces the latency between identifying risks in the field and adjusting project specifications and resources. In a rapidly evolving market like convenience stores, reducing delays can be the defining factor of what sets you apart from the competition. Accruent understands this market dynamic and we offer the experience and tools to help pivot towards a more strategic approach to improve efficiency for all convenience store capital projects and programs.