SEOUL—Last July, the 7-Eleven store chain in Korea launched a new food-focused format dubbed Food Dream. Now, management reports that it has proven to be a successful model, with more than double the food sales of a typical 7-Eleven location.
According to Engnews24h.com, 7-Eleven now has 14 Food Dream stores that sell foods, home snacks, fresh foods and daily necessities. From July 2019 to January 2020, sales of various product groups increased throughout the format.
The percentage of fresh food and lunches was 20.5%, which is twice the amount sold in the typical 7-Eleven stores. Non-food accounted for 11.1% of sales, which is higher than the 6.3% in other stores. As sales of general merchandise increased, overall sales rose 66.8%, and store profits also rose by more than 6%.
The futuristic convenience store model aims to meet the consumption needs of single-person households, and 7-Eleven plans to increase the brand's competitiveness by expanding the Food Dream model to 500 stores this year.
“Creating new values for convenience stores by fundamentally differentiating products and services that are the basics of convenience stores is the key to success in the future,” said Choi Kyung-ho, CEO of 7-Eleven in South Korea.