7-Eleven's pricing strategy relies on charging higher prices for convenience. As a convenience store chain, 7-Eleven locations are open 24/7 and sell groceries and other items close to where people live. This strategy began in the 1920s when the company started as a small ice and grocery retailer. While items at 7-Eleven may cost 30-50% more than at grocery stores, the added convenience of a nearby location and quick shopping experience makes up for the higher costs when factoring in time and transportation. 7-Eleven aims to be conveniently located in neighborhoods so customers will pay premium prices to avoid trips to farther and busier grocery stores.