The history of the 7-Eleven company dates back to 1927 with a man attempting to sell milk, eggs and bread to local residents out of an ice house. The number of ice docks continued to grow and started to offer gasoline for drivers looking to pull up and fill up. What was once called Tote'm turned into 7-Eleven in 1946, representing the company's hours of operation. By 1963, the company had grown to more than 1,000 stores. With the addition of the Slurpee, the Big Gulp and the need for extended hours, the company continued to grow. Self-service gasoline was introduced and again, consumers flocked to the local 7-Elevens. 7-Eleven has continued to fit the needs of the customer throughout its 86 year history.
The convenience store industry offers something unique to consumers. With extended hours of operation, when grocery stores are closed and a person needs something, these stores are open. With everything from filling up the car with gas to picking up a gallon of milk, customers can find what they are looking for at a 7-Eleven. In order to separate themselves from the local grocery stores, convenience stores offer a small, yet varied selection of items that a person might need including snacks, medicine, candy and specialty drinks. With the Slurpee and the Big Gulp, 7-Eleven allows customers to come in and fill up on a drink that costs much less than some of the fast food restaurants in the area. While stopping for gas, it is convenient to run in and pick up a few necessities and head home.
At this time franchises are not available in Canada. However in the US the actual franchise fee is based on the type of investment an individual is planning to make and the agreement lasts for 10 years. It can be renewed and the royalty fee varies. It is important to note that the owner of the franchise must be a part of actually running the 7-Eleven store. For this franchise, absentee ownership is not allowed. With the gross profit split, 7-Eleven offers new franchise owners the opportunity to consistently improve sales with the help of the parent company. Because the 7-Eleven brand continues to transform to the needs of the consumer, entrepreneurs can count on the company to make the necessary changes to keep this line of convenience stores on top.
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