NACS Industry Glossary

  • A
    ABC
    Activity-based Costing is a costing model that identifies activities in an organization and assigns the cost of each activity resource to all products and services according to the actual consumption by each: it assigns more indirect costs (overhead) into direct costs.
    Accounts Payable to Inventory Ratio
    For this ratio, a number of more than 1.0 indicates that suppliers are essentially financing a company's inventory, which frees up the company's current assets for other uses. When this ratio increases it means that the industry is expanding its payment cycles to finance inventory costs. Decreases in the ratio indicate that the industry is reducing payment cycles and paying suppliers more promptly.
    Accredited Standards Committee X12 (ASC X12)
    A committee, chartered by ANSI , that develops and maintains uniform industry standards for the electronic interchange of business documents.
    ACH
    Automated Clearing House is a secure, private electronic payment transfer system that connects all U.S. financial institutions. Direct paycheck deposits and debit card purchases are two examples of electronic fund transfers that go through this network." Other typical ACH payments include salaries, recurring bill payments, and Social Security benefits.
    Acquisition Cost
    The purchase cost of a product adjusted for any rebates, discounts or allowances such as free goods.
    Actual Cost
    In foodservice, this is the cost of food sold, as calculated from purchase records and inventory results, after any necessary adjustments.
    AFV
    Alternative Fueled Vehicle
    All Commodity Volume (ACV)
    Total retail sales dollars for all products in a store, over a given time period.
    American National Standards Institute (ANSI)
    An organization comprised of members of the business and industrial communities responsible for establishing cross-industry standards in the United States.
    Amortization
    This is a non-cash charge, usually the allocation of the cost of intangible assets, such as goodwill, over a period of time to income. Intangible assets are those that lack a physical form. Amortizing goodwill means no cash is actually paid out over the amortization schedule but does mean a charge against income.
    Application Service Provider (ASP)
    Application Service Provider a business that provides computer-based services to customers over a network.
    Assortment
    Various forms of the same general type of items, such as the depth and width of the merchandising offer. Depth is about the variety of styles, colors, sizes, flavors, brands, and prices; width is about the different product categories.
    ATM
    Automated Teller Machine
    Automatic Reordering
    Selected U.P.C.-marked items through the use of scanning-generated data. Typically, such a system compares item sales to a predetermined order point to trigger a new order.
    Average Inventory on Hand
    The average dollar amount tied up in inventory for a specific period of time. It is calculated by dividing the annual cost of goods at retail by the number of annual retail turns. It can be calculated for the entire store, a department, a category or item level.
  • B
    Backorder
    An order to be filled when stock is renewed.
    Backstock
    Items in inventory that are not yet placed on the shelves.
    Bar Code
    A code or symbol used for identification purposes, which is composed of a pattern of varying width parallel bars and spaces that can be read by an electronic scanner. Bar codes are used on products, pallets, coupons, cases, etc. The symbol of the Universal Product Code (U.P.C.).
    Baseline
    A prior set period of time used to set the benchmark for measuring change in sales, volume and/or profit.
    Biodiesel
    Biodiesel is a fuel made from natural, renewable sources, such as new and used vegetable oils and animal fats, for use in a diesel engine. B20 is a blend of 20 percent biodiesel with 80 percent petroleum diesel that can be used in most unmodified diesel engines. B99 is almost pure biodiesel, its use requiring engine modifications. It is unsuitable in cold temperatures unless precautions are taken.
    Board of Directors
    The NACS Board of Directors and committee members can be found in the About NACS section of the website.
    Branded Fuel
    Retail fuel sold under a major brand name, usually refers to fuel sold by a vertically integrated company or a dealer.
    Breakeven Pool Margin
    Ratio expressed as cents per gallon and consists of gross profit dollars from total motor fuel minus pretax profit divided by total motor fuel gallons. It illustrates the level of mark-up(pool margin) that is required to cover overhead expenses
    Bridge Buying
    The practice of buying more product while it is offered "on deal" during a promotion than is needed to satisfy the sales demand for the promotion with the intent to "stock up" on enough inventory to "bridge" the gap until the next promotional period when the product will be offered at a discount again.
    Bubba
    The traditional customer of the convenience store industry, has been the "Bubba", the term broadly used to describe the 18- to 40-year-old male demographic shopper of the convenience store.
    Bundling
    In foodservice, this is the combination of non-competitive menu or daypart concepts in a single retail environment. An example would be the combination of an ice cream concept and a sandwich concept. The concepts do not directly compete, and one is primarily an evening or snack oriented concept, while the other is a lunch concept.
    Buydown
    Price reductions applied to specified brands and quantities of those brands over a specified period of time. The price reduction is not physically labeled on the products; instead, it is advertised on the display.
  • C
    CAL EPA
    California Environmental Protection Agency
    Cannibalization
    The diminishing of a product's sales or potential sales due to the introduction of another competing product; i.e., rather than bringing in additional sales dollars, some of those sales are split between the old and the new item.
    Capital
    The net worth of a business, or the amount by which the assets exceed the liabilities.
    Capital Spending
    This is the amount of spending a company incurs on fixed assets such as plant and equipment but not on acquisitions. Capital spending is usually depreciated over the useful life of the asset.
    Capital Structure
    This is determined by the ratio of the amount of debt to the amount of equity on the company balance sheet. Optimal balance sheets may vary but generally low debt to equity ratios are a sign of strength while high debt to equity values may signal potential weakness in a downturn.
    Cash Flow
    Cash flow is determined by the company's cash earnings or net income plus the non-cash charges such as depreciation and amortization.
    Cash-flow Generator
    A category strategy to enhance a retailer's working capital position.
    Category Definitions
    A mainline category & sub-category definitions guide including descriptions of merchandise within the convenience store industry.
    The NACS Research Committee has reviewed existing practices with regard to the organization of sales and purchase information by merchandise category within the convenience store industry.
    Category Killer
    A store with a narrow focus of specialization able to deliver product at a lower price than more broad-line retailers and that undercuts competition in a market area; e.g., Toys "R" Us, pet food stores.
    Category Management
    A systematic, disciplined approach to managing a product category as a strategic business unit.
    Developed by NACS, Impact 21 Group and Ready Training Online (RTO), this series teaches analytical skills to help you: grow sales by matching the right product offer to customer needs, get more profit dollars from each square foot of store space, and
    Category Penetration
    The percentage of consumers that buy products from the category.
    CDC
    Central Distribution Center
    Check Digit
    A numeric character encoded in the U.P.C. symbol following the item ID. The check character is computed from the other characters of the U.P.C. and serves to check the accuracy of the code during the scanning process.
    Cherry Picker
    A consumer who shops a retailer expressly for "specials", often traveling from store to store for the best-priced items.
    Cigarette & Tobacco Outlet Stores (CTS)
    Retail outlets that predominantly sell cigarettes and related accessories.
    Co-branding
    The combination of multiple complementary brands within one facility. The core premise of co-branding is that this combination will enhance revenues for both partners and will reduce development costs.
    Co-development
    A form of co-branding when both partners invest in the development of a new location. This allows the partners to secure sites that would be prohibitive for either partner alone.
    Coffee
    Coffee is the number-one hot beverage of choice among convenience store customers.  The second best seller is speciality coffee and cappuccino.  The NACS State of the Industry Report will give you the latest satistics available for the convenience store industry for this category.
    With competition for consumers’ hot dispensed beverage dollars is at an all-time high, convenience stores are one of the preferred destinations for coffee drinkers who want a quality cup of Joe quickly.
    The State of the Industry Report provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and serves as a premier benchmarking resource.
    Commissary
    A central kitchen and|or bakery where supplies for food services are warehoused and used in the preparation and|or assembly of food service products for sale in convenience retail locations.
    Commodity
    Anything bought and sold; any article of commerce that is non-differentiated.
    Communication Protocol
    The method by which two computers coordinate their communications.
    Complementary Items
    Items that consumers typically consume together and, therefore, often purchased together giving the opportunity for cross-merchandising and suggestive selling. Some examples are: soda and salty snacks, milk and bread, cigarettes and lighters, charcoal and lighter fluid.
    Conexxus
    Conexxus, formerly PCATS, addresses technology standards to improve business processes, reduce costs and increase productivity for the convenience and fuel retailing industry.
     
    Petroleum Convenience Alliance for Technology Standards continued the development and maintenance of standards work initiated under the NACS Technology Standards Project.
    PCATS is now Conexxus. www.conexxus.org
    Conexxus (formerly PCATS) addresses technology standards to improve business processes, reduce costs and increase productivity for the convenience and fuel retailing industry.
    Consolidator
    An agent that merges different shipments of goods from many vendors into a single delivery going to one destination to reduce shipping rates.
    Continuous Replenishment Programs (CRP)
    The practice of partnering between distribution channel members that changes the traditional replenishment process from distributor-generated purchase orders, based on economic order quantities, to the replenishment of products based on the actual sale of the product and/or forecasted product demand.
    Contract RDA
    Dollars Display and/or contract payments (total industry RDA).
    Contribution Margin
    In foodservice, this is the amount left after the variable cost of an item is subtracted from the menu price. This is regarded as the items contribution to the restaurants fixed costs and profit.
    Convenience Store Definition
    NACS defines a convenience store as a retail business that provides the public with a convenient location to quickly purchase a wide variety of consumable products and services, generally food and gasoline.
    Convenience store is a retail business with primary emphasis placed on providing the public a convenient location to quickly purchase from a wide array of consumable products (predominantly food or food and gasoline) and services.
    Cool New Products
    Products featured in the quarterly Cool New Products section of NACS Magazine.
    The Preview Room is the top destination for attendees to discover emerging trends and track the hottest new products available to convenience stores.
    NACS has developed marketing and promotional opportunities that provide customized, one-stop shopping for exhibitors depending on your goal for the Show.
    Cornell
    The NACS Executive Leadership Program at Cornell is designed for mid- to senior-level retail management preparing to take on key leadership roles in retail companies. This program gives participants the leadership skills needed to successfully respon
    Cost Accounting
    Cost accounting is used by a variety of industries including food service. It values inventory based on its cost ather than assigning it at retail.
    Coupons
    Detachable, printed price reductions entitling the holder to an identified price reduction at the time of purchase.
    CPG
    Consumer Packaged Goods
    CPP
    NACS Credit Card Program is designed to reduce card processing fees for convenience store and petroleum marketers.
    Credit card payment fees can be a major expense for retailers. The NACS Card Processing Program offers unbranded retailers a solution that can save their business money.
    Credit Cards
    NACS has been actively engaged in a variety of related issues such as outrageous interchange fees (also known as "swipe fees"), unfair credit card operating rules and other issues relating to data security.
    Beginning January 27, 2013, retailers can add fees to try to recover the outrageous swipe fees they pay for credit card transactions. However, there are very difficult hurdles to overcome related to actual implementation and consumer misperceptions,
    Cross-Merchandising
    A retail practice in which complementary items are offered on the same display, often with signage encouraging purchase with suggested usage ideas; e.g., chips and dip.
    CRP
    Continuous Replenishment Program
    CSNews
    Convenience Store News. This term is for informal references only.
    CSX
    CSX LLC (CStoreXchange) - Online database of financial and operating data for the convenience store industry.
    CSX, which NACS acquired in 2007, is the largest purpose-built, online database of financial and operating data in the convenience and petroleum retailing industry. More than one-fifth of the top 100 convenience store chains in the United States curr
    CTP
    NACS has partnered with him! to launch Convenience Tracking Program, a consumer insight research program to NACS retail and supplier members in the United States.
    Store-level shopper entry and exit research and insight program.
    Learn more about this consumer behavior program for retailers.
    Current Ratio
    In mathematical terms, current ratio is the total current assets divided by total current liabilities. The current assets are comprised of cash, accounts receivable and inventory that can be turned into cash within a year. In financial terms, current ratio measures the liquidity of a company - its ability to cover its costs on a regular basis.
    Customer Loyalty
    The degree to which a consumer regularly patronizes a store for most purchases.
  • D
    Data Archive (formerly called Fact Book)
    The Data Arcive formerly called SOI Fact Book provides a historical recap of the industry over the past several years — or in some cases, decades.Delivered in Excel format, the Data Archive contains more than 450 spreadsheets of extracted data derived from the State of the Industry Report and is designed for easy manipulation and custom reporting. Please note that the Data Archive consists of data only as it does not come with any accompanying analysis or charts.
    The State of the Industry Report provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and serves as a premier benchmarking resource.
    Data Dictionary
    The publication which defines all of the elements approved for use within a given electronic transmission standard. Each element is fully described.
    Data Element
    The smallest item of information in an electronic data interchange standard. A single piece of business information such as an invoice number. There are many elements in a segment.
    Data Interchange Standards Association (DISA)
    The Data Interchange Standards Association (DISA) advances the foundation of electronic trade and commerce by supporting and promoting standards used for business-to-business data exchange. Providing administrative and technical support to the Accredited Standards Committee (ASC) X12, DISA helps individuals and organizations improve business processes, reduce costs, increase productivity and take advantage of new opportunities.
    Data Mining
    A technique of sifting through vast amounts of data to discover trends in customer needs, buying patterns, profitability, and other critical business measurements. Usually requires the construction of a data warehouse.
    Data Warehouse
    Data mining and data warehousing go hand in hand. Data warehousing involves integrating information from different systems, functions, and locations across an enterprise into a central database to allow more accurate analysis of customer needs, buying patterns, profitability and improved decision making and marketing.
    Day-of-Supply (DOS)
    A calculation for the amount of time that a supply of product will remain on the shelf, based on the expected movement of the product and the number of facings it is given. Also represents how many days, based on historic average sales per day, you can sell the product before running out of stock, given no additional inventory replenishment.
    Daypart
    Dayparts are the way retail or foodservice outlets look at daily business flows. The primary dayparts are morning, lunch, afternoon and evening. One trend in co-branding is the combination of QSR brands in one facility that are focused on different dayparts. An example of this might be a coffee or bagel concept (a.m. daypart) combined with a taco concept (lunch and evening dayparts.)
    Dealer
    An independent retailer who owns a limited number of stores affiliated with brand and/or a fuel jobber. Click here for details.
    Debit Holds for Fuel
    Holds are standard practice for any business that accepts plastic as a form of payment in a situation where the final dollar amount to be accessed is unknown in advance. The bank issuing the debit or credit card determines the lengh and the amount of the hold.
    As gas prices and the use of plastic at the pump have increased, consumers are increasingly concerned about the debit "holds" on their accounts.
    Debt Ratio
    The debt ratio is defined as total debt divided by total assets. A debt ratio greater than 1.0 indicates that a company has more debt than assets, while a debt ratio less than 1.0 indicates a company has more assets than debt.
    Debt To Equity Ratio
    Total debt to equity measures the amount of debt versus the amount of equity on a balance sheet. This number is useful to investment bankers when building a capital structure for a business and to bankers when determining the ability of a business to shoulder additional debt without jeopardizing its ability to cover other business expenses. If the debt to equity is too high, interest payments may become onerous, particularly in an economic downturn.
    Decision Support
    Describes a class of systems or solutions that reveal meaningful trends and patterns within an enterprise's raw data, providing for ad hoc inquiries for information needed to make more accurate decisions. Data mining and data warehousing are examples of decision support.
    Decision-Support Software (DSS)
    Software packages that speed access and simplify data analysis, queries, etc. within a database management system.
    Delisting
    Dropping or discontinuing the stocking of a product, or SKU.
    Demographic
    The characteristics of a population within a certain geographic area, as classified by age, sex, income, etc. for market research, sociological analysis, etc.
    Demographic Clusters
    The grouping of people by demographic characteristics such as age, income, sex, education, race, family status, etc.
    Demographics of a Convenience Store Shopper
    Go beyond scan data to learn what your customers think about your stores and translate these findings into sales. This program captures “moment of truth” insights – including product movement and perceptions – from over 15,000 shoppers across 40 stat
    Depreciation
    Depreciation is a non-cash charge that allocates the cost of a fixed asset over its useful life. These fixed assets are usually items such as plant and equipment that have a useful life longer than the current fiscal year.
    Direct Exchange (DEX)
    The use of handheld computers to exchange DSD data between a driver (supplier) and receiver (store).
    Direct Store Delivery (DSD)
    A process where the manufacturer delivers products directly to a retailer, bypassing the wholesale distributor to eliminate warehouse handling. Most DSD suppliers also order for the retailer and stock the shelves when on the premises.
    Discount Store
    A store that sells merchandise below the suggested retail price.
    Display
    A vehicle that is used to gain product exposure, trial, and brand awareness of specific brands. Can be used on the counter, floor, or attached to a package merchandiser.
    Document Type Definition (DTD)
    A DTD is a formal definition of data elements allowed and expected in a specific XML document.
    Download
    The electronic transfer of data from an EDI translation software to a business application or customized interface.
    Downstream Operations
    Operations concerned with oil refining, transportation and gasoline marketing.
    DTW
    Dealer Tank Wagon (DTW) sales: Wholesale sales of gasoline priced on a delivered basis to a retail outlet.
  • E
    E85
    E85 is an alcohol fuel mixture that typically contains a mixture of up to 85% denatured fuel ethanol and gasoline or other hydrocarbon by volume.
    EB2B
    Electronic Business-to-Business.
    EBITDA
    Earnings before interest, taxes, depreciation and amortization
    EBITDAR
    Earnings before interest, taxes, depreciation, amortization and rent
    EBITDARL
    Earnings before interest, taxes, depreciation, and amortization with rents and leases added back in.
    EBT
    Electronic benefits transfer
    ECR
    Efficient Consumer Response
    ECRM
    Efficient Collaborative Retail Marketing (ECRM) provides Business Solutions with efficient program planning sessions to help retailers and suppliers improve sales, reduce expense and go to market faster and more efficiently.
    EDLP
    Every day low price
    EDVP
    Every day value price.
    Efficient Consumer Response (ECR)
    A process that encourages suppliers, wholesale distributors and convenience store operators to work together more closely to streamline operations, reduce costs, and optimize store assortments so consumer value is maximized.
    Efficient Replenishment
    The improvement of time and cost factors in the replenishment system through automated retail and warehouse ordering, improved logistics and reductions in damage and inventories for suppliers and warehouses.
    EFT
    Electronic Funds Transfer
    Electronic cigarette
    An electronic cigarette, or e-cigarette, is an electrical device that attempts to simulate the act of tobacco smoking by producing an inhaled mist bearing the physical sensation, appearance, and often the flavor and nicotine content of inhaled tobacco smoke.
    NACS is recommending that e-cigarettes be placed in category 03-00-00 Other Tobacco under subcategory 03-06-00 Other Tobacco Products of the most recent version of NACS Category Definitions, v7.0.
    Electronic Commerce (EC)
    The sharing of information via various electronic means such as EDI, e-mail, facsimile, File Transfer.
    Electronic Data Interchange (EDI)
    The computer-to-computer exchange of business information between companies using a public standard format.
    Electronic Funds Transfer (EFT)
    The electronic transfer of funds between two financial institutions.
    Electronic Mailbox
    An electronic data storage area on a computer used to store electronic mail sent from other computers. It is very much like a P.O. Box at the post office. Instead of hardcopy letters being placed in the P.O. Box, electronic data is transmitted to the electronic mailbox. Only the company with the correct electronic key can take data out of the electronic mailbox.
    E-mail
    Electronic Mailbox.
    Employee training
    NACS offers employee training that is specific to the convenience store industry.
    Investing in your company often means investing in your people. NACS can help you and your team gain new skills, develop company leaders and become stronger convenience retailers.
    The right employee training can strengthen your company for the future. To help, NACS now offers an extensive online training platform with over 40 modules that are specialized for the convenience and fuel retailing industry.
    NACS offers tools to train store employees including Be Our Guest: Guide to Good Customer Service, How to Prevent Inventory Loss, Robbery Deterrence & Personal Safety and more.
    Employee Turnover

    Employee turnover is the ratio of the number of workers that had to be replaced in a given time period to the average number of workers. 

    • Formula: Divide the total terminations for the position at the end of the year by the number of employees in the position as of December 31 and multiply by 100 to get the percent turnover.

    The NACS SOI & Compensation Survey have the percentages for the convenience store industry.

    The State of the Industry Report provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and serves as a premier benchmarking resource.
    The latest benchmarking snapshot of compensation levels, turnover and benefit metrics for the convenience and fuel retailing industry, as reported by more than 80 retail companies representing nearly 12,000 stores.
    EMV
    EMV (Europay, MasterCard and VISA) technology recognizes unique microchips embedded in credit and debit cards and validates their legitimacy, potentially cutting down fraud.
    Europe and Asia are already a ways down the path of EMV acceptance, but the United States is early in the EMV adoption cycle. Even so, many U.S. retailers are choosing to implement EMV prior to the industry-wide payment card “liability shift”.
    Enabling
    The process of matching and then converting business application data to EDI standard formats.
    EPA
    Environmental Protection Agency
    EPCRA
    Emergency Preparedness and Community Right-to-Know Act
    EV
    Electronic Vehicle
    Every Day Low Price (EDLP)
    A retail pricing tactic that entails keeping product prices low on a daily basis, with infrequent specials.
    Every Day Value Price (EDVP)
    Differs from every day low price (EDLP) by focusing on what the consumer perceives as a value price.
    Exchange
    An exchange is a Web site which allows qualified and registered users to look for buyers or sellers of goods and services. Depending on the approach, buyers or sellers may specify prices or invite bids. Transactions can be initiated and completed.
    Execution
    Carrying out, putting into effect or fulfilling a plan.
    exhibitor directory
    https://nacs17.mapyourshow.com/7_0/search.cfm
    Search NACS Show exhibitors by name, products, etc.
    Export
    Download
    eXtensible Hypertext Markup Language (XHTML)
    A reformulation of HTML 4.0 is an application of the Extensible Markup Language.
    eXtensible Markup Language (XML)
    A flexible way to create common information formats and share both the format and the data on the World Wide Web, intranets, and elsewhere.
  • F
    Facility Expense
    Net facility expense consists of depreciation, amortization, interest expense, gross occupancy cost, and sub-rent income. Sub-rent income is rent that a convenience store receives from renting part of their store out to another party.
    Facings
    The number of packages of an item on the front line of a store shelf.
    FIFO
    First In, First Out:  An asset-managment and valuation method in which the assets produced or qcquired first are sold, used or disposed of first.  FIFO may be used by an individual or a corporation.  For additional information, contact Investopedia.
    File Transfer Protocol (FTP)
    A standard Internet protocol which is a simple way to exchange files between computers on the Internet.
    Financial Leadership Program at Wharton
    The NACS Financial Leadership Program is an intense and exclusive five-day program designed for high-potential executives who have been challenged by their companies to expand their financial insights and, in turn, provide greater value to their orga
    Firewall
    A firewall is a set of related programs, located at a network gateway server, that protects the resources of a private network from users from other networks.
    First-in-Rotation
    The practice of moving older items to the front of the shelf or display and placing newer items toward the back to ensure that products are sold before its expiration date.
    Floor Plan
    View the exhibit floor plan now to begin planning for your time spent at this year's NACS Show.
    FMI
    Food Marketing Institute
    Represents food retailers and wholesalers by developing and promoting policies, programs and forums supporting its members.
    Food Cost
    In foodservice, this is the cost of food purchases divided by total food revenues. Typically this is calculated by the following formula: Food cost is generally utilized as a percentage figure. Food cost may run between 25% to 35% of sales in a typical QSR operation, and varies depending on cuisine type or program.
    Foodservice
    The practice of making, serving and dispensing prepared foods. In convenience stores, this category includes non-packaged consumables: food prepared on-site, commissary/packaged sandwiches, hot dispensed beverages, cold dispensed beverages and frozen dispensed beverages.
    NACS works on a variety of issues on behalf of the convenience and fuel retailing industry. The association strives to provide consistent, proactive government affairs solutions that impact the industry's bottom line. Some of these issues include:
    While convenience stores have offered fresh, prepared foods for years, it is only over the last decade that the trend has accelerated. The result is that convenience stores have continued to evolve from gas stations that happen to sell food to food r
    Foodservice prepared on-site
    Foods prepared on-site are items sold by eating establishments for consumption on or off the premises. This includes hamburgers, hot dogs, sandwiches, frozen treats, bakery, soup, salads and other cuisine.
    While convenience stores have offered fresh, prepared foods for years, it is only over the last decade that the trend has accelerated. The result is that convenience stores have continued to evolve from gas stations that happen to sell food to food r
    A mainline category & sub-category definitions guide including descriptions of merchandise within the convenience store industry.
    Forward Buying
    The purchase of merchandise, usually on deal, with the intention of holding it until a later date when the regular price is reinstated or the product is in short supply. Also know as a "Buyout."
    Frequent Shopper Program
    A systematized program, usually implemented electronically, in which brand and/or store-loyal customers receive points toward future product/store discounts.
    FSUS
    Food Safety and Inspection Service is part of the U.S. Department of Agriculture
    Fuels Resource Center
    Everything you need to know about fuels — from the source that knows the subject best.
    Everything you need to know about fuels — from the source that knows the subject best.
    Full Time Equivalent (FTE)
    Calculation of FTEs is a common labor control tool in the restaurant industry. A full time equivalent is any unit of 40 hours. For example, a restaurant that utilizes 400 labor hours on a typical week would have 10 FTEs on its schedule. However, that does not mean it has 10 people on the schedule. It may have 20 people working 20 hours or eight working 50 hours. Not limited to the restaurant industry.
    Functional Acknowledgment (FA)
    An electronic verification sent from the receiving computer to the sending computer indicating that the EDI standard transaction was received. The FA does not act as an acceptance of terms or conditions.
    Functional Group Header (GS)
    The beginning control segment for Functional Group.
  • G
    Gasoline Price Inversion
    An economic condition wherein a supplier of branded and unbranded gasoline prices branded gasoline lower than unbranded gasoline.
    Gateway/Network Interconnect
    A connection between two networks which allows electronic data on one network to be routed through to the other network.
    GE
    Functional Group Trailer
    Global Standards Maintenance Process (GSMP)
    The process the EAN/UCC developed to maintain international standards.
    GM
    Gross Margin percentage
    GMROI
    Gross Margin Return on Investment
    Goodwill
    Goodwill, in an accounting sense, is an intangible asset and is often used to describe the value of a company's reputation or strategic advantage above the value of tangible assets such as plant and equipment. Also referred to as the value of a business above the book value of assets or the amount that a buyer would pay that exceeds the value of assets of a company.
    Government Relations
    Learn about the issues facing our industry.
    NACS works to protect the best interests of the convenience and fuel retailing industry before Congress and federal government agencies — especially against rules and regulations that can have a negative impact on your business.
    The annual NACS Day on the Hill Conference (previously named NACS Government Relations Conference) brings you face to face with your policymakers and gives you the opportunity to explain your business and share how policies will directly affect your
    Gross Margin
    Gross profit expressed as a percent of sales.
    Gross Margin Dollars
    (Gross Profit) Sales minus cost of goods sold. Profit expressed in dollars.
    Gross Margin Percent
    The weighted overall average price minus the weighted overall average cost) divided by the weighted cost.
    Gross Margin Return on Investment (GMROI)
    This is calculated either as a percentage or as a dollar multiple to represent the return of the annual inventory investment.
    Gross Profit
    A profit figure calculated by subtracting the cost of an item from its selling price, expressed as dollars and cents or as a percentage. (Also called markup, margin, net profit, spread.)
    Gross Profit = Revenue - Cost of Goods Sold
    The State of the Industry Report provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and serves as a premier benchmarking resource.
    Gross Profit Dollars
    The selling price of an item minus its acquisition cost with industry allowances or retail display allowances (RDAs) added back in.
    Gross Sales
    The total dollar volume of goods sold during a specific time frame.
    GS
    Functional Group Header
    GSMP
    Global Standard Maintenance Process
  • H
    HACCP
    Hazard Analysis Critical Control Points: Plan that uses a seven-step process to identify likely causes of failure in safe food handling
    Header
    The segment of elements in an EDI standard transaction which indicates the start of a data file.
    Health-Care Reform
    The health-care insurance reform bill makes sweeping changes to the health-care system and will change the way many retailers offer benefits to their employees. The new law will take several years to fully implement, but some provisions take effect more quickly than others.
    NACS is involved in several coalitions seeking to influence the outcome health-care regulations to provide retailers with as much flexibility as possible. As regulations are released, NACS analyzes the new requirements and provides retailers with com
    HEV
    Hybrid Electric Vehicle
    High-Low Pricing
    A pricing strategy in which a high product price level is maintained on a daily basis, with frequent specials and deep discounts on featured items.
    HMR
    Home Meal Replacement
    HO
    Home Office System
    Home Meal Replacement (HMR)
    Ready to eat foods consumed at home requiring little if any preparation.
    Home Office System (HO)
    The software used by a company to centrally process company sales and financial data.
    Host Computer
    The computer that is used to update the store-level computers on prices and to collect and process store-generated information. This computer is normally located at the chain headquarters.
    House Brand or House Label
    The private label of a wholesale distributor or retailer.
    HR Forum
    The NACS Human Resources Forum is the premier program designed to educate and connect HR professionals working in the convenience and fuel retailing industry.
    HTML
    Hyper Text Markup Language
    Hub
    Usually a large company active in EDI encouraging its customers and suppliers to become active in EDI.
    Hunter Club
    Hunter Club membership is a distinct category of membership in NACS that provides numerous exclusive benefits.
    Hunter Club membership is a distinct category of membership in NACS that provides numerous exclusive benefits.
    Hurricane
    NACS has developed a number of resources to help retailers prepare for and deal with the aftermath of hurricanes in anticipation that future storms could threaten businesses.
    Resources for Management & Recovery Information, FEMA, and EPA.
    Hydrogen
    Hypermarket
    A large retail site that sells a wide variety of goods generally spanning at least the grocery and soft goods market
    Hyper Text Markup Language (HTML)
    xe "segmen"The set of markup symbols or codes inserted in a file intended for display on a World Wide Web browser page.
  • I
    ICE
    Internal Combustion Engine
    ICEV
    Internal Combustion Engine Vehicle
    Ideal Food Cost
    A restaurant management analysis tool.Ideal food cost is calculated by figuring the projected recipe cost of each menu item times the percentage of the total that item represents.
    Ideas 2 Go
    Since 1994, Ideas 2 Go has featured hundreds of interviews with retailers from 38 states and five countries, showcasing the industry’s best practices to not only retailers but to the community at large. Each year, a new Ideas 2 Go program makes its debut at the NACS Show.
    Innovations can grow your business. Learn from what other leading convenience retailers are doing. Find new business models and innovative strategies that redefine the industry.
    Seen by attendees at the 2015 NACS Show, the fast-paced "Ideas 2 Go" program showcases emerging concepts that redefine convenience — as well as quick takeaways that retailers could easily implement at their own stores.
    Get your copy of the Ideas 2 Go DVD here.
    Image Enhancer
    A category strategy to convey positive store/company image to consumers and/or create in-store excitement.
    immigration
    This informative and timely webinar is presented by former ICE Director Julie Myers Wood and Former ICE Executive Deputy Associate Director John Connolly. What Every Convenience Store Should Know About Immigration Compliance in the Trump Era.
    Import

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    Independent Marketer
    A petroleum retailer not affiliated with the major brand of a large major integrated refining/marketing company.
    Independent Refiner
    A petroleum refining company that is not affiliated with a vertically integrated oil company. Independent refiners can have varying degrees of contract affiliation with major brands in that they have contracted to supply the gasoline retail sites of a major branded refining marketing company.
    Industry Guideline
    In electronic commerce using EDI, this is a subset of a national standard. An industry may reduce a national standard down to the elements and segmenxe "segmen"ts that are of interest to that industry.
    Information Management
    The treatment of information as an asset to enhance an organization's competitiveness and responsiveness. It results from effectively identifying, collecting and analyzing information then directing it to the points of decision making and customer service.
    In-Stock
    Merchandise is on the shelf or display, and available to be purchased by the consumer.
    Interchange Fees
    The interchange fee is a percentage of each transaction that Visa and MasterCard collect from retailers every time a credit or debit card is used to pay for a purchase.
    NACS has been actively engaged in a variety of related issues such as outrageous interchange fees (also known as "swipe fees"), unfair credit card operating rules and other issues relating to data security.
    Credit card companies and their member banks engage in anti-competitive activities to collectively set the outrageous rates they charge retailers for processing transactions. This behavior has forced the convenience and fuel retailing industry to pay
    Beginning January 27, 2013, retailers can add fees to try to recover the outrageous swipe fees they pay for credit card transactions. However, there are very difficult hurdles to overcome related to actual implementation and consumer misperceptions,
    Interest Coverage Ratio
    The interest coverage ratio is a company's earnings before interest and taxes (EBIT) divided by the total interest payable. It indicates how many times a company can cover its interest payments on a pretax basis. Failure to meet these obligations could force a company into bankruptcy.
    Inventory
    The salable stock of merchandise located at a wholesale distributor or retail location at a particular point-in-time, or an itemized record of that merchandise.
    Inventory Base
    The amount of product needed to meet sales demand and to ensure that there is an adequate supply on hand until the next restocking order is delivered.
    Inventory Carrying Cost
    The total dollar value of all products in inventory.
    Inventory Management
    Having the right product, in the right place, at the right time in order to maximize customer satisfaction, maintain product quality and maximize inventory turnover.
    Inventory Process
    The process of adjusting stock levels for anticipated volume.
    Inventory Turnover
    The ratio of product sales over the average amount of product in inventory for a specified time. It can be calculated using retail dollars for sales and inventory, dividing cost of goods sold by the average cost of inventory, or by using units for all components. For example, if calculating turnover for a one month period, the formula would be: Sales / ((Beginning Inventory on hand) + (Ending Inventory on hand) / 2)
    Developed by NACS, Impact 21 Group and Ready Training Online (RTO), this series teaches analytical skills to help you: grow sales by matching the right product offer to customer needs, get more profit dollars from each square foot of store space, and
    Inventory Turn Rate
    The ratio of product sales over the average amount of product in inventory for a specified time. The calculation is usually based on units, and can be calculated on retail dollars.
    Island Display
    A display where items are accessible from all sides, usually freestanding.
  • J
    Jobber-Distributor/Wholesaler
    A local company that owns or supplies retail facilities with petroleum products obtained from local wholesale supply points.
    Jobs in the Convenience and Fuel Retailing Industry
    Post your job opening in the convenience and fuel retailing industry,or look for job opportunities at NACS LinkedIn. Join LinkedIn today!
    Join LinkedIn and see how you are connected to NACS.
    Just-in-Time (JIT) Purchasing
    An approach to inventory management in which products are bought in small quantities to reduce store inventory carrying costs and obtain delivery just in time for use.
  • K
    Kellogg
    The NACS Marketing Leadership Program is designed for mid to senior level marketing executives looking to enhance their knowledge in topics such as branding, consumer experience and analytics.
    Kiosk
    A freestanding display used to provide merchandise, services or information. They are located on streets and shopping malls.
  • L
    Labor Cost
    Total labor expenditures, including benefits, worker's compensation insurance, taxes and on-premise management divided by total sales, expressed as a percentage.
    Labor Regulations
    Check the NACS Compliance Center for the latest regulations.
    Check the NACS Compliance Center for the latest issues effecting our industry. (Member Only)
    Lag Time
    The length of time (in days) between the order day and the delivery day.
    Layout
    The interior arrangement of departments and merchandise within departments, as well as space allocation for aisles, counters, fixtures, etc.
    Leadership for Success
    The NACS Leadership for Success program provides rising leaders in the industry an invaluable opportunity to discover personal strengths that they can use to grow their career while creating a more profitable performance-oriented environment within t
    LIFO
    Last in, First Out:  An asset-management and valuation method that assumes that assets produced or acquired last are the ones that are used, sold or disposed of first. 
    LIFO, an abbreviation for "last-in-first-out" is a textbook accounting method used to determine both book income and tax liability. The term refers to the assumption made by a business in establishing the value of its inventories. This is opposed to
    Listing
    Adding, or initiating, the stocking of a product, or SKU.
    List Price
    A product's published price, before any discounts or allowances are taken into account.
    Logistics
    The movement and storage of goods, together with associated information, from the beginning to the end of the supply chain.
    Looping
    Repetition of a group of segmenxe "segmen"ts in an EDI standards transaction setxe "transaction set"; for example, multiple line items on a purchase order.
    Loss Leader
    An item promoted at a substantially lower price than the competition's to attract customers with the expectation they will purchase other items at full margins.
    Lottery
    The NACS State of the Industry Report includes lottery statistics for the convenience store industry. 
    Low Involvement Merchandise
    Items bought routinely by the consumer without much thought, search or purchase time.
    Low Stock
    An inventory condition whereby a product may run out before the next order arrives.
    Loyalty Program
    A program which encourages a customer or user to continue to use a service or purchase products from a company, often achieved through the use of incentives.
    LPG
    Liquified Petroleum Gas
    LUST
    Leaking Underground Storage Tank
  • M
    Majors
    Large multinational oil companies that are involved in all aspects of oil production, transportation, refining, and retail. Generally, the majors have well-known and highly identifiable brands and are a vertically integrated company.
    Manufacturer Brand
    A brand owned and promoted by a manufacturer, and distributed by more than one wholesale distributor or retailer in competition.
    Mapping
    The translation of data to or from EDI translation softwarexe "translation software". The data from a business application is being translated to an EDI standard format.
    Margin
    The difference between the cost of an item and its selling price, usually expressed as a dollar value or as a percentage.
    Markdown
    A reduction of an originally established selling price for a special period or to move older merchandise.
    Market Area
    The geographic area around a store from which that store can reasonably be expected to draw customers.
    Market Basket
    The combined purchases by a consumer during a single shopping trip.
    Market-Basket Pricing
    Setting prices applicable to a situation where the sale of one item encourages a buyer to purchase other items in the store. Specials and tie-ins are often used.
    Marketing
    All business activities involved in the moving of goods from the producer to the consumer, including buying, selling, advertising and packaging.
    Marketing Plan
    The documented process for achieving stated objectives through the use of advertising, branding, category management and execution of merchandising practice.
    Market Leader
    The store/company that controls the market share of merchandise or services.
    Market Price
    The price that a commodity brings when sold in a given market; prevailing price.
    Market Research
    The State of the Industry Report provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and serves as a premier benchmarking resource.
    Market Share
    A company's percentage of sales in a category, or the percentage of sales for a channel in a category.
    Market Value
    The price that a commodity can be expected to bring when sold in a given market.
    Markup
    The difference between the cost price of goods and its retail price.
    Mass Marketing
    The approach used to sell large volumes of merchandise to everyone.
    Mass Merchandise Store
    A high volume retail store that sells goods and commodities. (Open is general public and Closed is exclusively to members),
    Master Settlement Agreement (MSA)
    An agreement between the major U.S. tobacco companies and the state's Attorney General which limits the ability to market cigarettes in 46 states and a number of U.S. territories.
    Menu Labeling
    The health-care insurance reform bill enacted earlier this year requires retailers with 20 or more locations to post nutritional information on menus, menu boards or adjacent to displayed food items.
    Health considerations regarding prepared foods are gaining momentum throughout the nation. Consumer advocates are pushing for labeling requirements to provide more information about the nutritional content of prepared foods.
    Check the NACS Compliance Center for the latest issues effecting our industry. (Member Only)
    Menu Mix
    The percentage of item sales by menu item.
    Merchandiser
    Equipment (cabinets, shelving) in retail stores that houses and displays products for maximum visibility and accessibility by the consumer.
    Merchandising
    To advertise, promote and organize the sale of a particular product. Generally involves both in-store and outside store activities that promote a product, including pricing, assortment, product placement, signage and displays.
    Merchants Payment Coalition
    MPC is a group of about 20 trade associations representing retailers, restaurants, supermarkets, drug stores, convenience stores, gas stations, on-line merchants and other businesses that accept debit and credit cards.
    NACS has been actively engaged in a variety of related issues such as outrageous interchange fees (also known as "swipe fees"), unfair credit card operating rules and other issues relating to data security.
    Credit card companies and their member banks engage in anti-competitive activities to collectively set the outrageous rates they charge retailers for processing transactions. This behavior has forced the convenience and fuel retailing industry to pay
    Beginning January 27, 2013, retailers can add fees to try to recover the outrageous swipe fees they pay for credit card transactions. However, there are very difficult hurdles to overcome related to actual implementation and consumer misperceptions,
    Message
    The business information piece of an EDI transmissions; for example, purchase orders, invoices, or price information.
    Meta Language
    In electronic commerce, this is a language used to communicate information about language itself.
    Micro-marketing
    Identifying the needs of the local marketplace and customizing the strategies at the store level to exploit the differences in consumers.
    Micro-merchandising
    Customizing each store's assortment, SKU quantities, promotions, and/or introductions to fit its level of demand.
    Modem
    An electronic device which converts the signals of a computer into a series of tones for transmission over telephone lines.
    Movement
    Refers to the number of units sold of a specific item.
    MPD
    See "Multiple Product Dispensers."
    MSA
    See "Management Science & Associates, Inc."
    MTBE
    Methyl Tertiary Butyl Ether. Additive in gasoline as a replacement for tetra-ethyl lead.
    Multi Pack Items
    Multiple single items bound together in a single package, which has a separate U.P.C. code from the U.P.C. on individual items in the package.
    Multi-pack Transactions
    A transaction that involves the sale of multiple pack items, and requires an adjustment to retail inventory.
    Multiple Product Dispensers (MPD)
    Most people associate these with gasoline pumps. Most MPDs have six hoses and dispense three grades of fuel.
  • N
    NACDS
    National Association of Chain Drug Stores
    NACS
    NACS, the Association for Convenience and Petroleum Retailing, was founded August 14, 1961, as the National Association of Convenience Stores. NACS is an international trade association representing more than 2,200 retail and 1,800 supplier company members. NACS has been an advocate for the convenience retailing industry providing industry information, knowledge and connections.
    Learn more about the Association for Convenience & Petroleum Retailing.
    NACS Ambassadors
    NACS Ambassadors is a program of the NACS Supplier Board that provides an opportunity for NACS Show supplier exhibitors to assist their customers in having the best trade show experience possible.
    NACS Ambassadors is a program of the NACS Supplier Board and provides an opportunity for NACS Show exhibitors to assist their customers in having the best trade show experience possible.
    NACS Compensation Report
    The NACS State of the Industry Compensation Report, published annually, provides up-to-date and accurate information for human capital investments in the convenience store industry.
    The latest benchmarking snapshot of compensation levels, turnover and benefit metrics for the convenience and fuel retailing industry, as reported by more than 80 retail companies representing nearly 12,000 stores.
    Be a part of the industry’s most comprehensive compensation report by submitting your company data. It’s simple to participate and the results can be invaluable for your business, helping you develop a more competitive compensation strategy to attrac
    NACS Daily

    NACS Daily is an e-newsletter that compiles content from convenience.org into an indispensable "quick read" of daily industry headlines, legislative and regulatory news from Washington, and knowledge and resources from NACS, delivered to your inbox every weekday morning.

    Subscribe to NACS Daily >

    NACS Daily is an e-newsletter that compiles content from NACS Online into an indispensable "quick read" of daily industry headlines, legislative news from Washington, and knowledge and resources from NACS.
    Get the same news you see here and more — an indispensable "quick read" of daily industry headlines, legislative and regulatory news from Washington, and knowledge and resources from NACS delivered to your inbox every weekday morning.
    NACS Foundations of Personal Leadership
    The foundations of personal leadership are the soft skills and interpersonal skills that form the basis for customer-service excellence, team engagement, and a positive company environment. This course is intended for front line staff members and is
    NACS History
    Since 1961, NACS has provided knowledge, connections and advocacy to grow your business and here are some of the ways we have done that.
    NACS Industry Update Luncheons
    NACS President and CEO Henry Armour hosts industry update luncheons in various cities around the country to share and discuss insights, issues and opportunities that are relevant to convenience and fuel industry retailers and suppliers*.
    NACS President and CEO Henry Armour share and discuss insights, issues and opportunities that are relevant to convenience and fuel industry retailers and suppliers around the country.
    NACS Insight Convenience Summit – Europe
    Gather with acclaimed retailers and suppliers from around the globe to hear what experts see for the future of convenience retailing in Europe. Grow relationships, learn and visit area stores in this multi-day conference.
    NACS In Store
    The NACS In Store program brings convenience and fuel industry retailers, members of Congress, and communities together by offering U.S. legislators the opportunity to gain first-hand knowledge of our industry and local c-store operations.
    NACS Leadership Forum
    The NACS Leadership Forum is a world-class event that brings together a broad base group of retailers and suppliers to provide thought leadership relevant to our industry, strengthen existing relationships and build new business relationships.
    NACS Logo
    Official guidelines for NACS trademark and logo usage.
    NACS Magazine
    The award-winning NACS Magazine is a complimentary benefit of NACS membership. Non-members can subscribe or read articles online a full month after publication. Learn more about the benefits of membership and join the NACS community.
    NACS Magazine Mobile App
    NACS Magazine member subscribers can now read the association’s award-winning monthly publication in a digital format, either at NACS Online or on a mobile or tablet device.
    Visit the iTunes store, Google Play or Kindle Fire to download the app.
    NACS Membership
    Become a NACS member today and receive all the benefits afforded to our members
    A NACS Retail Membership includes companies that own and operate convenience stores. There are three types of retail membership; Domestic, International Retail and Jobbers.
    The Supplier Membership includes all companies that provide a product or service to our retail members. The Hunter Club membership is a distinct category of NACS Membership that provides numerous exclusive benefits.
    An individual can become more engaged in NACS activities by becoming a Friend of NACS. There are no membership dues associated with this membership.
    Convenience store is a retail business with primary emphasis placed on providing the public a convenient location to quickly purchase from a wide array of consumable products (predominantly food or food and gasoline) and services.
    NACS Membership Directory
    This membership list of retailers and suppliers provides key contact information and is designed for mailing lists, customer relationship management (CRM) and sales force automation (SFA) purposes. It does not include e-mails.
    NACS Membership Renewal
    Log in to the NACS website to renew your membership.
    Login to the NACS website to renew your membership.
    NACS Online Login Help
    NACS is moving many transactions online to our website, nacsonline.com. When transacting business with NACS through nacsonline.com, it’s necessary to have a user name and password. These “credentials” are unique to an individual, not a company. Click here to review our set-by-step HELP GUIDE.
    NACS is moving many transactions online to our website, nacsonline.com. When transacting business with NACS through nacsonline.com, it’s necessary to have a user name and password. These “credentials” are unique to an individual, not a company.
    NACSPAC
    NACSPAC is a voluntary, non-partisan political action committee representing the interests of the conveniene store and petroleum marketing industry.
    NACS Retail Fuels Reports
    The annual NACS Retail Fuels Report looks at today's motor fuels retailing industry and where it is headed
    Everything you need to know about fuels — from the source that knows the subject best.
    NACS Scholarship Program
    The NACS Scholarship Program in Memory of Jim Yates and David Erickson was created to recognize and to support industry employees who demonstrate the potential and the determination to someday hold positions of senior leadership in the industry.
    The NACS Scholarship Program in Memory of Jim Yates and David Erickson was created to recognize and to support industry employees who demonstrate the potential and the determination to someday hold positions of senior leadership in the industry.
    NACS Show
    The NACS Show is the premier event for the convenience and petroleum retailing industry.
    The premier event for the convenience and petroleum retailing industry.
    NACS Show 2015
    The 2015 NACS Show is October 11-14, in Las Vegas.
    The premier event for the convenience and petroleum retailing industry.
    NACS events and other industry events are posted on the NACS Calendar of Events.
    NACS Show booth application
    NACS Speaking Opportunities
    NACS strives is to provide top-quality education at its events and suggestions for topics are extremely valuable. We invite you to submit a proposal for the NACS Show and THE Tech EVENT educational sessions as well as for the wide range of  NACS events throughout the year. To submit an application, please fill out the form here.
    To submit a topic or speaker for consideration of a NACS event, please fill out the application on following link. We will be in touch regarding your submission.
    NACS TV
    News, event highlights, & educational videos for the convenience and petroleum retailing industry.
    Watch coverage of NACS events, our activities on the Hill, and other highlights from the convenience & petroleum retailing industry.
    NAXML
    The NACS initiative identifying XML schemas for the convenience store industry.
    Conexxus (formerly PCATS) addresses technology standards to improve business processes, reduce costs and increase productivity for the convenience and fuel retailing industry.
    Net Profit
    The difference between gross profit and the cost of doing business. Commonly expressed as a percentage of sales.
    Net Sales
    Gross sales minus returns and allowances over a specified period.
    Not-on-File
    Condition of an item scanned at the POS terminal, looked up on the item file and not found.
    NPRA
    National Petrochemical and Refiners Association
    NRC
    National Recycling Coalition, a small group with a huge mission that greatly depends on partnerships, to promote and support community recycling
  • O
    OECA
    Office of Enforcement and Compliance Assurance (division of EPA)
    OHI
    See "On Hand Inventory."
    On-Hand Inventory (OHI)
    Total inventory in the store, including what is on display for sale and back stock.
    On-Hand Quantity
    The units of a product in the store and available for sale, whether on the shelf, in a display or stored as back stock.
    OOS
    Out of Stock
    OPEC
    Organization of Petroleum Exporting Countries. An international organization of 11 developing countries - from Africa, Asia, the Middle East, and Latin America - that are heavily reliant on oil revenues as their main source of income.
    Opening Inventory
    The physical inventory at the start of a period. The opening inventory is always the closing inventory for the previous period.
    Operating Expenses
    Those expenses that are deducted from gross margin and which are incurred in carrying out only the normal, regular commercial activities of a business enterprise usually those expenses at the store.
    Operating Income
    Net sales less direct and indirect operating costs, and before deducting cost of capital, extraordinary items, overhead and taxes.
    OPIS
    Oil Price Information Service is a comprehensive source for petroleum pricing and news information. OPIS began covering petroleum news in 1977 with the launch of the award-winning Oil Express Newsletter. In 1980, OPIS pioneered "rack" price discovery for thousands of wholesalers, and now maintains the world's most comprehensive database of U.S. wholesale petroleum prices, receiving more than 70,000 rack prices each day.
    OPM
    Overhead Package Merchandiser
    Organization of Petroleum Exporting Countries (OPEC)
    An organization comprised of oil producing and exporting countries that have organized for the purpose of negotiating with oil companies on matters of oil production, prices, and future concession rights. Current members include Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
    ORVR
    Onboard Refueling Vapor Recovery
    OSHA
    Occupational Safety and Health Administration
    OSHAct
    Occupational Safety and Health Act
    OUST
    Office of Underground Storage Tanks (a division of EPA)
    Out-of-Stock (OOS)
    An inventory condition in which product carried by a retailer is currently not available for resale to the consumer.
    Overhead
    The basic direct and indirect costs associated with business operations, such as rent and labor. Usually those corporate expenses do not include store operating expenses.
    Overhead Package Merchandiser (OPM)
    A unit that is used to store product.
    Overstock
    An inventory condition in which product carried by a retailer has not sold over a period of time.
  • P
    PACT Act
    Prevent All Cigarette Trafficking Act includes provisions to strengthen the Jenkins Act, requires effective age verification, prohibit mail-order tobacco, and creates inspection authority.  Most requirements became effective June 2010.
    Tobacco products are among the most regulated products that convenience stores sell. NACS defends the industry’s right to sell legal products responsibly and continues to advocate for a level playing field for all channels of trade.
    In an effort to reduce the incidence of smoking, particularly among minors, and to improve the safety of tobacco products, Congress has passed a law giving the Food and Drug Administration (FDA) regulatory authority over the manufacture and retailing
    If TTB is unable to enforce Ruling 2010-4, a growing number of tobacco consumers and retailers will exploit it. Over time, this lack of tax parity will dramatically alter the retail tobacco space, permitting consumers to purchase large quantities of
    Parser
    In electronic commerce, this is a program that receives input in the form of markup tags and breaks them up into parts. A parser may also check to see that all necessary input has been provided.
    PCI Compliance
    The PCI Security Standard is a global information security standard created to help businesses that process card payments prevent credit card fraud.
    PCI Security Standards Council
    Open global forum for the ongoing development, enhancement, storage, dissemination and implementation of security standards for account data protection.
    PEI
    Petroleum Equipment Institute is a trade association and a partner with the NACS Show
    Percent Profit from RDA $
    Percent or total category profits which are derived from manufacturers' Retail Display Allowance payments.
    Performance Evaluation
    An annual assessment designed to measure an employee's level of performance in his/her current position.
    Petroleum Marketer
    Any company or person who retails (sells) or wholesales motor fuels.
    Pilferage
    Inventory loss tied to consumer shoplifting. Sometimes a perceived pilferage rate is overstated due to product being placed in a location making it available for sale to consumers. See Shrinkage.
    Plan
    A disciplined, systematic approach formulated beforehand, that results in detailed strategies, tactics and implementation steps.
    Planogram
    A computerized diagram used in merchandising to design the ideal display of merchandise on retail store shelves.
    PLU
    Price Look-up
    PMAA
    Petroleum Marketers Association of America: Federation of 45 state and regional trade association representing independent petroleum marketers nationwide.
    The Petroleum Marketers Association of America (PMAA) is a federation of 47 state and regional trade associations representing approximately 8,000 independent petroleum marketers nationwide.
    Podcasts
    Whether it’s for food, fuel, drinks or snacks, about half of the U.S. population shops at a convenience store every day. On Convenience Matters, a weekly podcast brought to you by NACS, we’ll talk about what we see at stores and what the future may h
    Point of Purchase
    The place where the product is purchased by the consumer. May be as broad as the store, or as specific as the check out counter or a floor display; used mostly in connection with promotion materials and signage.
    Point of Sale (POS)
    The place where the sale takes place or the transaction information is completed. 
    Point of Sale Scanning (POS Scanning)
    Hand-held or fixed scanners that are used to capture detailed information about product movement and to make the checkout process more accurate and efficient.
    Point of Sale Systems (POS System)
    Computer systems which typically include bar code scanners, automated price look-up, and inventory tracking components.
    Point of Sale Terminal (POS Terminal)
    This is a point-of-sale terminal that takes the place of the cash register in a scanning system.
    POP
    Point of Purchase:  The place where the product is purchased by the consumer. May be as broad as the store, or as specific as the check out counter or a floor display; used mostly in connection with promotion materials and signage.
    POS System
    Point of Sale Systems
    POS Terminal
    Point of Sale Terminal
    ppm
    Parts Per Million
    Press Release
    Send in your press releases and announcements to the NACS Communications Department at news@convenience.org
    NACS regularly communicates breaking news on new products, legislative actions, and other timely industry information via press releases to the media and general public.
    Pretax Return on Assests
    Pretax return on assets measures how profitable the company is versus the total assets of the firm. The ratio measures the ability of the assets to generate profits. For 2007, the convenience store industry had a pretax return on assets of 5.7% versus 4.6% in 2006.
    Pretax Return on Net Worth
    This metric indicates shareholders' return using earnings before taxes for each dollar invested.
    Pricebook
    A price list that is the authoritative reference for the correct prices for all items. Also known as the item file or master item file, this is the file where all of the product descriptions, U.P.C. numbers, prices and product costs are maintained. This file is usually maintained at the headquarters level.
    Price Look-up (PLU)
    A designated number, key or function that store personnel use to key in a sale of a product on the register.
    Pricing Integrity
    Ensuring that the in-store computer price file contains the same price for an item that is marked on the product or store shelf.
    Prime Cost
    Labor cost plus product cost.
    Private Label
    A product label or brand owned by a wholesale distributor or retailer for a line or variety of items for exclusive distribution, usually priced lower than manufactured brands to appeal to cost conscious consumers.
    Process Costs (or Activity-based Costs)
    All the costs associated with handling an item, from ordering, to receiving, to pricing, to stocking and selling the item.
    Product Adjacencies
    Products that are merchandised in proximity of one another in order to promote or change purchasing behavior to include a combination purchase of both products.
    Product Assortment
    The collection of items included in a group of items such as a cooler door, a planogram, a display or the entire store.
    Product Availability
    Having the right product available in the right quantities for consumers to purchase.
    Product Categories
    A defined hierarchy to segment product sales. NACS publishes the Category & Numbering Guide annually. Suppliers also define product categories based on their product line.
    Product Codes
    These codes define petroleum and merchandise products and services by assigning them a specific three-digit number. The use of payment system product codes eliminates confusion between systems by having a common set of values for reporting accurate and consistent data. To get the codes, contact Conexxus at www.conexxus.org or Carl Bayer (703) 518-4232
    Profit Generator
    A category strategy to produce significant profit dollars.
    Profit Margin
    A ratio of profitability calculated as net income divided by revenues, or net profits divided by sales. It measures how much out of every dollar of sales a company actually keeps in earnings.
    Promoted Volume (PV)
    The amount of a brand's total volume that is sold via some type of promotion.
    Promotion
    An organized sales effort for a product to stimulate sales. Advertising, publicity and events are often employed to attract attention and create interest among customers.
    Promotional Calendar
    A calendar that shows the timing of buy-downs and promotions.
    Promotional Period
    The days, weeks or months during which a promotion is run; usually compared to a baseline period.
    Pushpull
    A marketing concept where product is "pushed" through the channel through deals, allowances, etc. "Pull" refers to direct appeals to consumers, persuading them to demand the product.
  • Q
    QSR
    Quick Service Restaurant
    Quick Response (QR)
    A partnership between a supplier and a retailer through which orders are replenished automatically via computer link up to reduce out of stocks, forced markdowns and operating costs. The partnership enables better response to consumer needs through the sharing of POS scan data, EDI and bar coding.
    Quick Service Restaurants (QSR)
    Limited service restaurants that specialize in quick service. Sometimes known as fast food.
  • R
    Rack Price
    Price at which the majors and independent refineries sell gasoline to jobber/wholesalers, related to the commodity spot price, but adjusted to include costs of transportation, overhead, and profit. Rack price can be for either branded or unbranded fuel.
    RAM
    Random Access Memory.
    RAs
    Return Authorizations
    RCRA
    Resource Conservation and Recovery Act
    RDA
    Retail Display Allowance
    Refiner-Marketer
    A company that refines oil into petroleum products and markets these products through gasoline retail sites.
    reFresh
    The NACS reFresh initiative was established in 2014 to help convenience retailers address the critical topics important to their business and create positive perceptions of the industry overall.
    Research
    The NACS State of the Industry Report contains industry data for the U.S. convenience store industry since 1971.
    The State of the Industry Report provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and serves as a premier benchmarking resource.
    The latest benchmarking snapshot of compensation levels, turnover and benefit metrics for the convenience and fuel retailing industry, as reported by more than 80 retail companies representing nearly 12,000 stores.
    Store-level shopper entry and exit research and insight program.
    Business Intelligence for Convenience Retailing Operations & Petroleum Marketers
    Retail Display Allowance (RDA)
    Payments made by manufacturers to a retail store for allowing the merchandising and display of their products.
    Retail Fuels Report
    Everything you need to know about fuels — from the source that knows the subject best.
    Retail Inventory Value
    The dollar value placed on inventory based on each item's selling price rather than its purchase cost.
    Return Authorizations (RAs)
    A form that allows a retailer to return outdated and damaged product back to a wholesale account for credit.
    Return on Assets (ROA)
    Net income divided by total assets.
    Return on Captital Employed (ROCE)
    This is calculated by taking pretax profit plus interest expense and dividing by other current liabilities plus long-term debt plus other long-term liabilities plus net worth. Financial analysts insist that ROCE for any expansion should always be higher than the rate that the company incurs when borrowing money, otherwise these borrowings will reduce the owner's earnings. For 2007, the convenience store industry same firm comparisons had a ROCE of 7.50% versus 5.95% in 2006.
    Return on Equity (ROE)
    Ratio that measures the return earned on owner's dollar investment in the company. A high ROE implies attractive investment opportunities and enables retention of earnings and payment of dividends.
    Return on Inventory Investment (ROII)
    Operating income divided by average inventory investment.
    Return on Inventory Investment Dollars (ROII$)
    Gross margin dollars divided by the average weighted inventory cost. This is a financial measure used as a benchmark by some retailers to compare different categories' performance.
    Return on Investment (ROI)
    The ratio of a company's net profit in relation to its net worth, derived by dividing the company's net profit after taxes by its net worth.
    RFG
    Reformulated Gasoline
    RFID
    Radio Frequency Identification
    ROA
    Return on Assets
    Robbery Deterrence and Personal Safety
    NACS Robbery Deterrence & Personal Safety (CD-ROM)
    Training store employees on robbery deterrence is critical for their safety and that of the customer. This tool trains employees with proven, solid everyday practices to avoid certain crimes.
    Training program for employees with proven, solid everday practices to avoid industry related crimes.
    Methods to keep your business a secure and safe place.
    Robinson-Patman Act
    This is a federal law that prohibits discriminatory pricing and promotional allocation.
    ROI
    Return on Investment
    ROII
    Return on Inventory Investment
    ROII$
    Return on Inventory Investment Dollars
    Rotation
    The practice of moving older items to the front of the shelf or display, and placing newer items toward the back to ensure products are sold before their expiration date.
    Round -up
    Round-up is a group of NACS supplier company volunteers who provide assistance and guidance to NACS Show attendees
    RPA
    Retail Profitability Analysis
  • S
    Safety Stock (Margin of Safety)
    The amount of additional inventory required to prevent out of stocks in the event of changes in sales or delivery delays.
    Scanner
    An electronic instrument that reads bar codes and other graphic information found on product packages, coupons and mailing envelopes.
    Schema
    In electronic commerce, it is the organization or structure for a document.
    SE
    Transaction Set Trailer
    Seasonal Item
    Items closely tied with a specific season or holiday that limits it sales life.
    Seasonal Promotion
    A sales effort created to coincide with a holiday or season of the year.
    Segment
    A group of elements in an electronic data interchange standard. For example, it can include pieces of business information such as a detail line on an invoice. There are many segmenxe "segmen"ts in an EDI standard transaction.
    Sell-thru
    The amount of goods, expressed as a percentage of the total amount on hand, sold over a given period of time.
    SGML
    Standard Generalized Markup Language
    Shelf Life
    The manufacturer's recommendation as to the duration of time a product should be available for consumer purchase to ensure freshness. Product which has reached the end of its shelf life, needs to be pulled from retail shelves.
    Shelf Talkers
    Large labels, tags or devices used to attract consumers attention while shopping.
    Shrink
    Inventory merchandise loss resulting from theft, spoilage, misplacement, erroneous register rings, short deliveries, etc.
    SIGMA
    Society of Independent Gasoline Marketers of America
    Signage
    Printed materials that are used to for product identification and advertising, often appended or affixed to merchandisers and displays.
    Skimming
    Skimming is any attempt to acquire the data from a credit or debit card transaction. At its simplest, it is stealing credit card receipts.
    What you need to know about Skimming.
    Developed by NACS and Conexxus, the WeCare Data Security Program (PDF) provides simple guidelines and best practices designed to reduce the risk of card breaches at convenience store operations.
    Skimming devices
     
    NACS and Conexxus offer convenience and fuel retailers the resources and tools they need to proactively initiate and maintain effective payment security procedures that help reduce the occurrence of skimming.
    Developed by NACS and Conexxus, the WeCare Data Security Program (PDF) provides simple guidelines and best practices designed to reduce the risk of card breaches at convenience store operations.
    SKU
    Stock Keeping Unit
    SLC
    Products containing pseudoephedrine, ephedrine and PPA are classified as "Scheduled Listed Chemicals" (SLCs)
    SOI
    SOI stands for State of the Industry; which relates to 1;SOI Report - provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and 2) the NACS SOI Summit delivers a thorough review of annual comprehensive industry data.
    The State of the Industry Report provides the convenience and petroleum retailing industry with the most comprehensive analysis of annual performance and serves as a premier benchmarking resource.
    The NACS State of the Industry Summit delivers a thorough review of annual comprehensive industry data.
    Business Intelligence for Convenience Retailing Operations & Petroleum Marketers
    Space Management
    The planned regulation of space occupied by an item on the shelves. (See Planogram)
    Speaking Opportunities
    To submit a topic or speaker for consideration of a NACS event, please fill out the application on following link. We will be in touch regarding your submission.
    Spot Price
    Petroleum price on the large volume, bulk petroleum product commodity market.
    SSDA
    Service Station Dealers of America
    Standard Generalized Markup Language (SGML)
    A standard for how to specify a document markup language or tag set.
    Standards
    A set of guidelinexe "guideline"s to follow to interchange data with other companies. The guidelines are a set of instructions on how electronic business transactions should be structured and what pieces of information should be included in the transactions.
    Starting Gate
    A modern design of positioning pump islands so that cars are facing the convenience store while refueling.
    State Associations
    State, Regional and International Association contacts are listed on NACS Online
    State Tax Stamp
    See "Tax Stamp"
    Stock
    The total amount of goods; inventory.
    Stock Keeping Unit (SKU)
    An individual color, size, flavor or pack of product that requires a separate code number to distinguish it from other items.
    Store Brand
    A brand owned by a retailer that is not a nationally advertised brand. (See Private Label.)
    Store Layout Designs
    The physical characteristics of a convenience store; the exterior and interior design that assists the merchandising strategy.
    Store Margin
    Profit margin in convenience stores, or store operating profit.
    Store Operating Profit
    The amount of money a store has left after paying for the goods it sold and after providing an environment in which to conduct business. It is the profit that is left after all direct expense expenses have been paid.
    Strengths, Weaknesses, Opportunities and Threats Analysis (SWOT Analysis)
    A strategic level review of a company's capabilities and resources (internal), and the opportunities presented by the market and/or competitors, and threats from competitors or changes in the market.
    Sub-category
    A sub-set of products that share similar characteristics in the consumer's mind (e.g., laundry care products) that are included as part of a larger category grouping (e.g., non-edible grocery).
    Suggestive Selling
    The activity of creating additional sales during the checkout transaction. It is part of the personal contact between customers and store personnel, and can, when done right, increase customer satisfaction.
    Supermarket
    A large self-service retail store selling food and household goods.
    Superstore
    A combination of a general merchandise operations and a supermarket; usually ranges in size from 50,000 square feet to 200,000 square feet.
    Supplier or Category Partner
    The supplier chosen to work with the category manager on defining the retailer's category, selecting a role, developing strategy and tactics and performing category reviews. The supplier partner will typically supply resources such as market data, consumer behavior data, and planogramming capabilities. A higher-level relationship than buyer-seller.
    Supplies Cost
    Total supplies divided into foodservice sales. It is important to note that the Uniform System of Accounts for restaurants classifies foodservice packaging, such as cups, containers, etc, as being part of cost of goods sold, not supplies.
    Supply Chain
    All the activities and parties involved in the process of getting a product from the manufacturer to the consumer.
    Supply Contract
    The agreement a dealer makes with a supplier to secure fuel.
    Swipe Fees
    The largest component of the fees paid by a retailer is called interchange. When a consumer makes a purchase from a retailer using a credit card, the payment is processed through the retailer's bank and the bank that issued the credit card. The issuing bank charges the retailer's bank an interchange fee to process the transaction. These interchange fees are passed on to the retailer and, ultimately, every consumer pays for them.
    NACS has been actively engaged in a variety of related issues such as outrageous interchange fees (also known as "swipe fees"), unfair credit card operating rules and other issues relating to data security.
    Beginning January 27, 2013, retailers can add fees to try to recover the outrageous swipe fees they pay for credit card transactions. However, there are very difficult hurdles to overcome related to actual implementation and consumer misperceptions,
    SWOT Analysis
    Strengths, Weaknesses, Opportunities and Threats Analysis
    Syntax
    The grammar or rules which define structure of the EDI standards (i.e., the use of loopxe "loop"s and qualifiers). Syntaxxe "Syntax" rules are published in ANSI X12.6
  • T
    TAM
    TAM is the NACS Product, Techniques of Alcohol Management.
    Training program designed to teach store managers and employees how to legally sell alcohol.
    Tax Stamp
    A tax that is collected by each state for each pack of cigarettes sold to adult smokers. This tax is administered in the form of a tax stamp (except in Alaska and Hawaii), which is applied to each pack. The amount of the tax varies by state.
    Technology
    The convenience store industry has gone from being a technology laggard to a technology leader in using new technologies to deliver convenience.
    NACS State of the Industry Technology Report, the industry's most in-depth examination of technology and related issues.
    Technology Edge debuted in 2014 to provide industry retailer technology professionals a more personalized and high-value experience of learning, connecting and access to new solutions at the NACS Show.
    Conexxus (formerly PCATS) addresses technology standards to improve business processes, reduce costs and increase productivity for the convenience and fuel retailing industry.
    Terminal
    A physical storage facility for petroleum products, typically supplied through a pipeline from a refinery, where jobbers/wholesalers purchase and obtain gasoline.
    The Future of Fuels
    “Future of Fuels 2014” seeks to determine how EIA’s projections will directly affect the retail fuels market, consumer use of specific types of light duty vehicles, and the pace at which alternative fuels may gain market share.
    Liquid fuels will continue to be the dominant fueling option through 2040, but the composition of these fuels will undergo significant change, according to a 2013 NACS report analyzing U.S. Energy Information Administration data.
    The Fuels Institute, which NACS helped found in 2013, looks at what alternative-fueled vehicles will be on the market in a decade.
    THE Tech Event
    THE Tech EVENT was a combination of two events (NACStech and the PCATS Winter Meeting) into a program for IT leaders in the c-store industry in the spring of 2013.
     
    It is no longer held, but the NACS Show will continue to have expanded technology events.
    Conexxus (formerly PCATS) addresses technology standards to improve business processes, reduce costs and increase productivity for the convenience and fuel retailing industry.
    Throughput
    The volume of petroleum product sold through a retail site, usually measured in gallons.
    Tobacco
     
    Tobacco products are among the most regulated products that convenience stores sell. NACS defends the industry’s right to sell legal products responsibly and continues to advocate for a level playing field for all channels of trade.
    In an effort to reduce the incidence of smoking, particularly among minors, and to improve the safety of tobacco products, Congress has passed a law giving the Food and Drug Administration (FDA) regulatory authority over the manufacture and retailing
    If TTB is unable to enforce Ruling 2010-4, a growing number of tobacco consumers and retailers will exploit it. Over time, this lack of tax parity will dramatically alter the retail tobacco space, permitting consumers to purchase large quantities of
    Trade Allowances
    Incentives provided by the manufacturer to retailers and other channel intermediaries to stock, display or promote the manufacturer's goods.
    Trade Class
    A type of retail outlet whose objectives differ as to customer expectation; e.g., convenience, drug, mass, smoke shop, etc.
    Trading Partner
    Any company conducting business with another company.
    Trading Partner Agreement
    A legal contract between trading partnerxe "trading partner"s outlining the terms and conditions for EDI transactions. These terms and conditions take the place of the terms and conditions that were present when the two companies were exchanging paper documents, such as a purchase order.
    Traffic Builder
    A category strategy that draws consumer traffic, encourages high consumption and increases volume.
    Trailer
    The segmen of elements in an EDI standard transaction setxe "transaction set" which indicates the end of a segmentxe "segment" or end of a data file.
    Transaction Builder
    A category strategy that increases transaction size, builds incremental sales and provides strong impulse potential.
    Transaction Set
    A collection of data segmenxe "segmen"ts which comprise a complete business document, such as an invoice or purchase order.
    Transaction Set Header (ST)
    The beginning control segmenxe "segmen"t designating start of Detail Data Segments.
    Transaction Set Trailer (SE)
    The ending control segmenxe "segmen"t designating end of Detail Data Segments.
    TRI
    Toxic Release Inventory
  • U
    UCC
    Uniform Code Council
    UCS (2)
    Refers to the use of EDI for item maintenance, price information, and product promotions, and product authorization/de-authorization.
    Unbranded Fuel
    Retail fuel not sold under a major brand name, typically sold by an independent marketer under the marketer's private label or with no name attached.
    Underground Storage Tanks (UST)
    Underground storage tanks for petroleum products at retail sites.
    UN/ECE
    See "United Nations/European Commission of Europen"
    UN/EDI FACT
    See "United Nations EDI for Administration, Commerce, and Transport"
    Uniform Code Council (UCC)
    A non-profit association which administers the Universal Product Code (U.P.Cxe "U.P.C".), the Uniform Industrial Code (UIC), Standard Interchange Language (SIL), and three EDI standards: UCSxe "UCS" (grocery), WINS (warehouse), and VICS (general merchandise).
    Uniform Communication Standard (UCS)
    The electronic data interchange standard used by the grocery industry and the other retail-oriented industry sectors, such as the convenience store channel.
    Uninterruptable Power Supply (UPS)
    This is typically a battery-powered system that will allow equipment to be operated for a pre-determined amount of time or for data to be saved if electrical power is lost.
    United Nations EDI for Administration, Commerce, and Transport (UN/EDI FACT)
    This EDI standard is used by all countries outside of North America.
    Universal Product Code (U.P.C.)
    A series of black bars of varying widths that represent a unique set of numbers used for product identification in scanning.
    U.P.C
    Universal Product Code
    Upload
    The electronic transfer of data to an EDI translation softwarexe "translation software" from a business application or customized interface.
    UPS
    Un-interruptable Power Supply
    Upstream Operations
    Operations concerned with oil exploration and production.
    User ID
    A unique identifier (code) assigned to identify the person operating computer software.
    UST
    Underground Storage Tanks
  • V
    VAN
    Value-Added Network: A company offering data storage services, data communications expertise, sometimes EDI standards expertise, and sometimes EDI translation softwarexe "translation software".
    VAN Interconnect
    The capability for VANs to send data to other VANs. This capability allows a company to choose a preferred VAN for their use in conducting business electronically, while still providing the company with the capability to communicate with trading partnerxe "trading partner"s using other VANs.
    VAP Communicator
    A permanent retail communication fixture that is used to hold our current VAP POS material.
    VCT
    Versitile Card Technology (VCT)
    Vendor Managed Inventory
    A practice, similar to continuous replenishment (CRP), where POS and inventory data is sent to suppliers who assume the responsibility form managing their inventories inside a wholesale distributor or retail organization.
    VPCGA
    a non-profit, statewide trade association representing the petroleum and food industries
  • W
    Weeks-of-Supply
    The number of weeks that the warehouse stock of an item will be available based on its current sales movement.
    Wharton
    The NACS Financial Leadership Program is an intense and exclusive five-day program designed for high-potential executives who have been challenged by their companies to expand their financial insights and, in turn, provide greater value to their orga
    WIC (Women, Infants & Children program)
    WIC is a special Supplemental Food Program for Women, Infants and Children administered by the United States Department of Agriculture. WIC provides food assistance to income eligible pregnant and breast-feeding women, women who recently had a baby, infants, and children who are at health risk due to inadequate nutrition.
    Working Capital
    The amount of cash or capital needed to operate the business and is usually computed by the difference of current assets minus current liabilities.
    WOTC
    Work Opportunity Tax Credit
    WTOC provisions of the stimulus bill (Section 1221 of H.R. 1)
  • X
    X12
    ANSI" standard for inter-industry electronic exchange of business transactions for North America.
    XHTML
    eXtensible Hypertext Markup Language
    XML
    eXtensible Markup Language
    XMLifying
    The process of converting EDI documents to equivalent XML schemas.
    Xschema
    An alternative to a DTD which was only accepted as a recommendation by the W3C a short time ago.
    XSLT
    XSL Transformations
    XSL Transformations (XSLT)
    A standard way to describe how to transform (change) the structure of an XML document into an XML document with a different structure. XSLT is a recommendation of the World Wide Web Consortium.
  • Y
    Yale
    Designed for women executives to develop critical skills including developing strategic perspective and decision making, understanding and honing leadership style, improving executive presence and leveraging diversity to accelerate innovation.
  • Z