7-Eleven Selling Off Corporate Stores
A couple from South Daytona Beach say there is a lot more to buying and operating a 7-Eleven convenience store than they first thought.“We call it baptismal by fire,” Tom Cadden said in an interview yesterday referring to keeping up with more than 25,000 items in their store stocks.
Cadden and his wife Beth are elated that they have now purchased their second 7-Eleven store in the past four years. Neither one has ever worked in a convenience store and they admit they were surprised what all it entails.
The South Beach Daytona News Journal article reports that the Caddens settled in New Smyna Beach after relocating from Charlotte, NC four years ago.
I convinced Tom to move down, and we had to figure out what we wanted to do," said Beth Cadden, 53, who was a regional vice president with Enterprise Rental Cars before she retired six years ago.
Starting out as a sales representative, Beth Cadden worked her way up the corporate ladder and learned a few things along the way.
Enterprise really taught you to be entrepreneurial," she said, noting company managers were paid from the profits so it was important to operate each location in a way that reaped the highest return.
7-Eleven Corp. currently has more than 31,000 stores owned and operated by licensees in the US and 16 foreign countries.
The report states that the demand for franchise growth this year far outpaces the ability of franchise businesses to access financing, according to a new report prepared by FRANdata for the International Franchise Association. But finding money for any franchise operation is getting harder.
Franchising, due to its structure and demonstrable track record of 40 percent growth over the last decade, offers the most promising vehicle to accelerate widespread job creation in this country," said Steve Caldeira, IFA president and chief executive officer, in a prepared statement.
Yet without sufficient financing, franchise businesses will continue to struggle to become a true locomotive for job creation.
The FRANdata report suggests franchise businesses will require $10.4 billion in new lending capital to fulfill 100 percent of the forecasted demand for new and transfer units in 2011, but credit flow may fall short by 20 percent.
Even with the estimated shortfall in lending, the report estimates that more than 33,000 franchises, both new units and transfers, will create or maintain more than 250,800 jobs and generate $32.5 billion of annual economic output in 2011.
Read the full story, Corporate Takeover Daytona Beach News Journal
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