During his career in the convenience sector, Mike Greene has had a number of roles. From store management with McColls, to ACS chairman, and now CEO of My Local.
He has worked with many people who have inspired him and helped grow his vast knowledge and understanding of the industry.
When he talks about a topic he explains the heritage for the ideas he has and why My Local is implementing the idea. During my visit with Ramesh Shingadia to the Windsor store with Mike we noticed a very small magazine display.
It’s small but, as Mike explained, the magazines category is only 1% of the business. He added that when he was working in store format development he would think of the shop space like a Monopoly board.
The premium space in a store is expensive like Park Lane and needs to return more profit, and the bay in the quietest part of the shop is more like Old Kent Road.
Mike also explained how every category and every bay needs to return its rent. For My Local stores, he aims to avoid giving magazines a given specific space where they will hardly ever return their rent. With well-placed parasite units they could do just as well without giving them premium space.
A well-positioned site for Hello or Vogue in areas of the store that female customers are most likely to visit, or placing What Car alongside a more male-focused category, means they are likely to sell more than in the space they currently occupy. He is currently trialing this idea in a couple of stores where space is tight.
This is clearly a market test that other convenience store owners should watch with interest.