Innovation and adaption to market demand is the cornerstone for success in business, and it’s no more evident than in the convenience sector.
While corner-stores and milk bars have for long provided a convenient grocery offering for the local community, the definition of convenience is changing.
Format changes from big-name retailers such as Woolworths and Coles, together with home delivery, longer opening hours, new entrants to the market and of course UberEats have encroached on the traditional convenience market space.
This has led convenience stores into an era of adaptation, where achieving growth means expanding the offer to remain relevant in a competitive market when the only constant is a decrease in time.
The subsequent sector evolution has seen more small convenience chains enter the service station market, both increasing revenue streams and providing customers with a one-stop shop for their grocery, convenience and fuel needs.
The resulting slow in unit growth pushed small convenience chains enter the fuel and service station game, reigniting consumer loyalty and developing a parallel revenue stream that complemented their existing grocery offering
According to the Australian Bureau of Statistics’ 2014 Motor Vehicle Census, there are more than 17 million vehicles registered in Australia, each representing a prospective retail customer.
Subsequently, fuel and service stations have increasingly developed their offerings to not only suit a grab-and-go impulse purchase, but also to act as a makeshift grocer for the time-poor, offering confectionary, drinks, auto-accessories, coffee, cigarettes or even the weekly Lotto jackpot.
The ability for consumers to enter the store and make a small buy when purchasing fuel has gradually evolved to a destination-based model where customers make a conscious decision to purchase fuel and groceries simultaneously, a trend that has greatly driven operator profits.
The sector evolution is also buoyed by a growing demand for round the clock convenience, with the fuel/convenience model presenting a business opportunity that exists outside traditional operating hours.
A focus on delivering essential products during non-competitive trading times has drastically improved the earning potential for operators, with many functioning on a 24-hour basis.
One such business model is NightOwl, which has developed a healthy network of fuel/convenience outlets within its franchise operation.
The brand is still very much a convenience retailer that sees a future for the standalone convenience store, viewing its entrance into fuel retailing as a natural progression.
Australia’s first 24-hour convenience store has carved out an impressive history as an innovative leader within the sector, with a number of franchisees reaping the rewards of the trusted and recognised brand.
To add strength to this model in the service station industry, NightOwl has partnered with a number of premium fuel brands in Australia, such as BP and Shell to ensure excellence, quality and support across the site.
With the retail sector remaining as competitive as ever, NightOwl’s multi-revenue stream model is providing prospective franchisees with a best chance for prolonged business success.
Additionally, all NightOwl fuel/convenience franchisees receive the brand’s extensive training program, marketing strategy and round the clock support programs to help kick-start operation.
If you are interested in fuelling a new career, visit https://www.franchisebusiness.com.au/brands/nightowl and make an enquiry.