7-Eleven is trying to steal market share from department stores, drug stores and other retailers that sell cosmetics. The convenience-store chain has launched its own line of makeup.
Available exclusively at 7-Eleven stores, the Simply Me Beauty brand was created to appeal to millennial women. The assortment of 40 items is affordably priced between $3 and $5. "The beauty industry has seen dramatic growth of cost-conscious cosmetics in the marketplace because millennial women are looking for a variety of colors at affordable prices," said Lindsay Robertson, 7-Eleven product development category manager. "They like to buy and try, and our goal when developing the Simply Me Beauty line was to create a line of makeup that had a quality look and feel without a high price barrier.
Beauty products is a $46 billion industry that is expected to increase by 12 percent by 2020, and makeup makes up 17 percent of the cosmetic market, another number that is expected to continue to grow. Drug stores and supermarkets have 30 percent of the market, and 7-Eleven plans to gain market share in a big way with this introduction.
"Convenience isn't always just about a quick stop for something to eat and drink," said Jack Stout, 7-Eleven senior vice president of merchandising. "7-Eleven tries to offer our customers solutions for lots of different needs. We believe that for many, this top quality line of cosmetics and cosmetic accessories can become regular purchases in addition to fill-in stops."
"Much of the time, makeup items like lip and eye colors are spur-of-the-moment, impulse buys," said Joy Pico, 7-Eleven category manager. "If the price is right, that makes it easier to justify. For a millennial working woman wanting to refresh her makeup while grabbing lunch at 7-Eleven stores, Simply Me Beauty is a welcomed offering and is priced just right for her. "
Based in Irving, Texas, 7-Eleven operates, franchises or licenses more than 63,000 stores in 18 countries.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
