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JERSEY CITY, N.J. -- Convenience Store News for the Single Store Owner, in cooperation with CBC Learning Center, makes content from CBC's C Square website available to our readers.
C Square, accessible at www.myCsquare.com, is a website specially developed for the advancement of convenience store owners. Part of C Square's offering is professionally produced videos spotlighting critical retail tips. In this new video, Terry Lambert, an instructor for the CBC Learning Center and a convenience store owner himself, discusses how retailers can control gas prices.
Gas prices are the No. 1 factor that determines whether a customer visits a store or not, according to Lambert. As a result, it’s vital that c-store retailers sell their gas for as close to cost as possible. If they don’t, competitors down the road will, he noted.
To control gas prices, Lambert suggests retailers get a handle on what their net operating cost is. This calculation is the actual pennies a store needs to earn on every gallon of fuel before the store can break even.
"If it’s zero or less, congratulations," he said. "You’re competitive with the new breed of c-stores that can keep its fuel prices low."
For more Retail Tips videos, click here.