Larger convenience retailers in the UK are not making their stores work hard enough, according to the chief executive of 7-Eleven Hong Kong & Macau.
Speaking at the ACS Summit at Birmingham NEC earlier this month, Tim Chalk told delegates that tough trading conditions meant that retailers had to up their game and make the most of every inch of space.
He stated that the average 7-Eleven store in Hong Kong measured just 550sq ft and so analysing every product and ensuring it was worth its space in-store was crucial. “When you’ve got less than 1,000sq ft you’ve really got to make the product work. We spend a lot of time making sure that what we put in those stores is relevant to the customers that shop there. We’ve got nothing in there that’s not selling.”
He criticised UK retailers with stores over 1,500sq ft for failing to do the same. “I actually think that 1,500 or 2,000sq ft is quite indulgent. It allows you to be a little bit complacent and for things not to be working as hard as they ought to because they don’t have to.”
Chalk claimed that one 7-Eleven kiosk store measuring just 123sq ft was turning over £100,000 a month, equating to over £200 per sq ft per week.