BACK TO THE CONVENIENCE STORES

When compared to the past, all the facets of modern life have changed significantly. The prevailing trend nowadays is the urbanization; the migratory shift, the relocation of the populace from the rural areas to the cities, as well as the increased overall emphasis on the quality of healthcare. More than half of the global population currently resides in the urban areas, simultaneously experiencing a rise in growth rates. Also, a significant portion of one's life is spent at the workplace, with a severely diminished time left for leisure activities. Caring for one's health, exercise and diet also garnered significant importance. All of these influences have impacted the overall lifestyle of most people, as well as the manner in which global business is conducted, thus reflecting on both the consumer habits and the consumer behaviour. Due to these shifts, the operational strategies of retail chains have to be thoroughly revised. The population boom, coupled with the opening of new stores, has resulted in the overall growth in retail sales. However, this factor is gradually losing its' significance. The modern consumer is, on average, much more educated, experienced and informed, primarily seeking more value for the money spent. Therefore, the retail chains need to submit to the customers' preferences and habits, otherwise, they may quite easily face a losing battle and surrender their foothold to the competition. This paper examines the factors influencing retail industry strategies and formats, arising from the, previously mentioned, shifting consumer characteristics. The re-emerging popularity of convenient stores will be researched, with an emphasis on the modern store formats, the ones' most feasible for both the customers and the retailers.