SCOTTSDALE, Ariz. -- Winsight’s Outlook Leadership Conference brought more than 700 convenience-store retailers and suppliers together for three days of insights, sharing and networking. Here we offer CSP editors’ highlights from the conference.
The Makings of a Mentor
A good mentor has the gift to inspire you and create a paternal drive that makes you want to do better, said Chet Cadieux, president and CEO of Tulsa, Okla.-based QuikTrip Corp., whose mentor is none other than his father, industry legend Chester Cadieux.
Baby Steps
Innovation: It doesn’t have to mean one major change that alters the course of your company. “Maintain an attitude of getting better,” said Steve Sheetz, chairman of the Sheetz Family Council, Altoona, Pa. “Don’t look for one big idea sitting there waiting for you. Think about small improvements, day by day. They add up to that big idea.”
Realistic Rule of Thumb
Sure, acquisition multiples may be in record territory, but that doesn’t mean retailers can hold out for sky-high prices. For sellers, timing may be everything, as holding out for the ultimate multiple may lead to disappointment, said Jim Bosworth of Cary Oil, Cary, N.C.
Fresh Focus
As convenience stores think to the future, Thom Blischok, chief retail strategist for Strategy&, San Francisco, offered this new definition for fresh: fresh within minutes, not fresh within days. Higher quality and fresher foods, whether it's fruit, vegetables or sandwiches, will only better position c-stores to compete with large grocery. Not to mention, it’s what consumers want.
Jack Kofdarali, president of Corona, Calif.-based J&T Management Inc. and chairman of the National Association of Convenience Stores (NACS), put it simply: “People want fresh foods in our stores, and they will buy them.”
Get It While It’s … Room Temperature?
More than 20% of a convenience-store retailer's "ambient-temperature" groceries will be shipped to customers' homes within the next 10 years, warned Blischok.
An ‘Easy’ Assessment
Blischok’s three words to remember: easy, expert and fair. The retail strategist suggests using these three words to assess your store by asking: Are we an easy format to shop? Do our service levels deliver a differentiated shopper experience? Are our prices fair?
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