Business Services Industry
7-Eleven Rings Up Higher Profit at Gas Pump.
Knight Ridder/Tribune Business News, November, 2003
By Sudeep Reddy, The Dallas Morning News Knight Ridder/Tribune Business News
Nov. 30--When Jim Keyes started his career at 7-Eleven Inc. in 1985, the company was losing money or barely breaking even on gasoline sales.
The assumption at the time was that gasoline would attract customers to the store, and any losses at the pump would be offset by higher profit margins inside.
"Turns out, it wasn't true," Mr. Keyes, now 7-Eleven's president and chief executive officer, told reporters and editors from The Dallas Morning News.
"When we ran the correlations, very few of the people buying the cheap gasoline were going inside the store."
Now, almost two decades later, the Dallas-based chain of convenience stores regularly...
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