7-Eleven Shifts to Become More Than a Retailer
IRVING, Texas — 7-Eleven Inc. is evolving to stay ahead of a shifting retail landscape, executives shared during the Path to Purchase Institute's (P2PI) recent Retail Media Summit.
The chain is more than a convenience retailer — it is also a portfolio of priority brands that are in the fabric of American culture, according to Marissa Jarratt, executive vice president, chief marketing and sustainability officer at 7-Eleven.
Jarratt discussed the convenience store company with Patrycja Malinowska, director of retail at P2PI, and Mario Mijares, vice president, marketing, loyalty and monetization platforms at 7-Eleven, during one of the event's keynote sessions.
Since adjusting to meet the needs of consumers during the COVID-19 pandemic, 7-Eleven has continued to shift its business model as delivery and food have become important parts of the c-store channel.
[Read more: 7-Eleven Enhances Its Gold Pass Program]
Many manufacturers paused their innovation work as a result of the pandemic, but now they must realize that the convenience channel and 7-Eleven are a "hot spot for innovation," Jarratt pointed out. "We've been building a set of tools to help brands innovate."
7-Eleven has built what it calls an "Immediate Consumption Ecosystem" which comprises:
- Inspiration, amplification and customer engagement (including shopper marketing and the Gulp Media Network)
- Awareness, trial and conversion (i.e., 7Rewards loyalty program)
- Data, insights and measurement (i.e., 7-Eleven's proprietary consumer research tool "The Brainfreeze Collective" and lab stores)
The retailer is also working to provide consumers with experiences, which is difficult considering the quick nature of convenience shopping trips, Jarratt acknowledged. Additionally, it leverages in-store audio, which is also challenging due to quick trips.
The keynote included a discussion of how brands can best work with 7-Eleven. "We work with brands very closely, trying to understand what they're trying to deliver. At the end of the day, we're all trying to sell more units," Jarratt explained. "A lot of the brands come to us saying, 'I do this in mass merchandise. I do this in grocery. I do this with online retailers. I want to do the same thing [with 7-Eleven].' And you can't, because it's a different format, right? A lot of it is education; a lot of it is trial and error. We know what works for us."
One thing that distinguishes 7-Eleven from other retail brands in the marketplace is that 7-Eleven carries a different cultural relevant weight, particularly around Generation Z and young millennials, according to Jarratt.
"Part of it also is the actual history of the brand and the legacy of different types of cultural engagements that the brand's been a part of over the decades," she said.
Headquartered in Irving, 7-Eleven operates, franchises and/or licenses more than 13,000 stores in the United States and Canada. In addition to 7-Eleven stores, the company operates and franchises Speedway, Stripes, Laredo Taco Company, and Raise the Roost Chicken and Biscuits locations.
P2PI's Retail Media Summit took place May 6-8 in Rosemont, Ill.
Path to Purchase Institute and Convenience Store News are properties of Chicago-based EnsembleIQ.