How does EzyMart manage to stay in business?
In many urban areas, these stores are scattered throughout, consistently offering $7 beverages and unique American snacks, often staffed by individuals of Indian or Middle Eastern descent. However, my curiosity lies in how they continue to survive, especially after the impact of Covid. Even with their convenience of selling vapes to intoxicated late-night patrons, it seems unlikely that overpriced drinks and cigarettes alone can sustain them… What’s the secret to their survival?
EzyMart and similar convenience stores often survive due to a combination of unique factors. Here are a few reasons why they might be managing to stay afloat:
Niche Market: By catering to late-night crowds, particularly drunk clubbers, they fill a specific need for convenience that other stores don’t. Even if the prices are higher, the convenience of being able to grab something at 3 AM can be worth it to many customers.
Diverse Product Range: While they may specialize in drinks and confectionery, they often carry a variety of other items that appeal to different demographic groups, like vapes, snacks, and sometimes even essential items, ensuring they attract a broader customer base.
Location: Being situated in high-traffic areas ensures a steady stream of customers, especially during nightlife hours. Their locations are often strategic, making them more likely to draw in spontaneous purchases from passersby.
Low Overhead Costs: Many of these stores are smaller operations, which can help keep overhead costs lower than larger stores. This means they may be able to survive on smaller profit margins while still serving their core customer base.
Cultural Connections: Many of the store owners are from communities with strong relationships with their clientele, including local nightlife and party culture. This can foster loyalty and repeat business.
Product Markup: While the prices might seem high, convenience stores often operate on a different pricing model. They may mark up items much higher compared to supermarkets, balancing lower volume sales with higher profits per item sold.
Adaptation: After Covid, many businesses had to adapt to survive. This could include expanding their hours, diversifying product offerings, or enhancing their delivery and pickup options, relevant for those who are hesitant to go out.
Ultimately, it’s a combination of understanding their market and strategically meeting the needs of their community that helps stores like EzyMart survive, even when times are tough.