Developing A Winning Foodservice Strategy

 In the convenience store marketplace, margins continue to tighten on core products such as candy, snacks, and tobacco. Prudent operators are attempting to stem the tide by introducing food service items into their stores. Most facilities provide plenty of customer traffic and space within the store to enable modifications for introducing a food service operation. While the desire to incorporate food service is at the forefront, operators need to address every aspect of the implementation.

With the appropriate modifications to their operating systems and procedures, convenience store owners can slowly unveil a food service offering. Many items need to be addressed, including a concerted effort in marketing outside the store to attract new customers, capitalizing on improved merchandising and signage, and developing better metrics and Key Performance Indicators (KPIs). Only through a holistic approach can the stores be poised for a giant leap forward to improved profitability.

Overall Business Planning: It is essential to understand the direction of both the c-store and foodservice operations. Separating the food service component from the rest of the P & L will enable a true assessment of the operation. For ease of computing, labor can be an estimated allocated number of hours. By doing this, one can see if the operation is performing adequately through the use of break-even analysis and four-wall analysis. In addition, any CAPEX improvements can be reviewed for ROI, and each of these reports can be rolled up into a 3-year Proforma.

Operational Excellence: Foodservice operations are viewed differently than typical retail from an accounting standpoint. The big three in food service are food, paper, and labor. Tied to inventory management, this is truly the only way to manage food service. Systems and procedures are then built to support the overall management of operations. Foodservice operators leave nothing to chance and develop metrics and procedures in a disciplined fashion to regularly monitor the business. Prepare for an opportunity.

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