When 7-Eleven’s former CEO James Keys was asked how the company will perform in 2025 after its last year’s difficulties, he referred to the time when the company was experiencing similar problems, in 1990.
Keyes, who was 7-Eleven’s VP of fuel sales at the time, attributed the company’s struggles to evolve and meet customer needs. They were reluctant to adapt to new convenience needs, and that resistance to change is what can put companies out of business.
Now, 7-Eleven is much more attuned to the changing customer needs, as it learned this vitally important lesson. The company outlined plans to open over 600 large-format, food-focused locations in the U.S. by the end of 2027. These locations will showcase a new prototype the company internally calls its New Standard stores. These sites offer a larger product assortment and expanded food and beverage offerings compared to the rest of its locations, in addition to in-store seating and electric vehicle charging stations.
The industry is interested to see how 7-Eleven evolves its foodservice offering to become a focal point of this new store design and the company’s overall value proposition, as it may not be easy.
The key to successful implementation of this new strategy is in application of a measured, location-focused approach to the target audience. This approach, popularized by Ticon, is called KYC (Know Your Customer).
In retail, KYC means knowing the things about your customers that will help you better satisfy their needs and wishes.
In addition to traditional demographic reports by address, you can now also get Traffic Flow Demographics, a set of data describing the drivers in the flow of traffic that passes by your store. Ticon’s new product is available with nationwide coverage and high granularity, at Ticon’s industry-leading accuracy and precision.
So, if you want to be ahead of the game, give us a call to talk about asset store performance optimization with Ticon’s highly precise data.
