HOW FAR AWAY IS TOO FAR WHEN OPERATING A CONVENIENCE STORE?
One of the first rules of real estate is that real estate is all about location, location, location. If this is the No. 1 rule in the real estate business, then the No. 2 rule is competition, which is just as important, if not more. Before we discuss what the perfect location for a convenience store would be, let’s first begin with YOU. What do you want to accomplish? Are you an owner-operator who has a couple of stores and are looking to grow your base of business? Or are you someone who already owns multiple stores and you are planning on growing into the 10–20-plus store range or beyond? Is your plan to build or buy wherever you can and resell the store, or is your plan to grow the family business? It makes a difference. The criteria for finding the perfect location are the same, but the outcome is different because of the cost involved. Most of the larger chains of convenience store operators have a long-term vision where they are looking 25–50 years in the future. They can do this because they have the infrastructure and financial capability to keep the business going for a long time, and they are not dependent on family members to continue the growth, which enables them to develop stores across the country where the people are migrating.
perfect location are, first, going to where the people are. You can do a quick demographic search of the area you intend to operate in or with the assistance of a commercial real estate company with access to demographic information. Of course, the location you select must have easy access, and a right-hand turn into the location is always preferable, especially coming off a major highway or expressway. Competition is the next factor that will make you or break you. Is there already a competitor close by? If so, then how much new business do you expect to acquire from the marketplace? There are companies that, for a fee, will do the research for you to help determine how much business the location will generate. Are your intentions to keep the store and operate it, or are your intentions to sell it in the near future? If you plan on keeping it, then be sure to survey the territory to see if there is a possibility of a new competitor down the road, and incorporate this into your financial proforma.
infrastructure to jump 1,000 miles across the country and acquire some stores or build a group of stores without jeopardizing your entire operation. Therefore, you are restricted to finding a location that is considered an “A” location with minimal competition, which may mean buying an older store and razing and rebuilding it within your region. An owner-operator with only a few stores is limited in their growth opportunities and would be best suited to acquire a competitor who has a good location but is not a good operator. I have seen hundreds of convenience store operators who think they are good at operating their stores, but in reality, they are mediocre operators who have an excellent real estate location, and the location carries the business, not their ability as an operator.
Ultimately, the perfect location for a convenience store is one on a parcel of
property large enough to facilitate the store with enough real estate for future growth, easy ingress and egress for vehicles to enter and leave the location, and strong demographics of available customers and minimal competition.
–Terry Monroe
If you are a regional player with 10 or more stores, then you generally won’t have the
So, the perfect location can be different things for different people, but the basics of the
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When I first heard this, I thought maybe he was going to become a preacher, but instead, he wanted to become involved with people and serve them as a politician. He had decided to run for public office. Not just any public office like a city commissioner or the mayor of a local community. No, he was going to run for the office of Wisconsin’s 8th congressional district in the United States House of Representatives.
with Donald Trump, and spoke to the people from his heart. He used his experience as a successful businessman and shared something the people had never heard before: common sense. Tony was sincere in his message to everyone he spoke to, and his voice resonated with the people of the 8th congressional district of Wisconsin. He was elected to office in November 2024.
business or make any commitments to another business. Instead, he was feeling himself out and trying to decide what he would enjoy doing with his future years. Then, one day, I got a call from him to let me know he had decided what he wanted to do. He said he enjoys people and wants to get more involved with helping people and to serve people in helping them improve their lives.
Well, my guy is Tony Wied, and he did go for it. He ran as a Republican, aligned himself
Tony’s story is a great example of how someone could start a small business,
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