[Chapter 885: Opening Shops at the Speed of Sausage Production]
Cities like New York, Los Angeles, and Houston suddenly saw an increase in 24-hour convenience stores. Most were still under construction and not yet open, but it drew considerable attention.
"Look, it's fine if you want to open shops constantly like there's no tomorrow, but buddy, are you sure you won't crash and burn?"
He scoffed as he recalled reading in the Wall Street Journal about a wave of closures. "Damn, I counted at least three new shops on my way to work! You're telling me about store closures? A serious media outlet like yours shouldn't be dishing out fake news!"
"Editor, they really are closing stores. Including gas stations, at least a hundred shut down every week."
"Is that so? Great, you go ahead and explain that to the boss. I'm telling you, they're opening stores at a ridiculous pace."
Those in the media dreaded being labeled unprofessional. By the time morning had turned into afternoon, they had already received dozens of complaint calls.
"I subscribe to the Wall Street Journal, not some little paper from the streets of Los Angeles! If you can't report news on time, don't fabricate it!"
Just after he finished scolding his subordinates, he had to face the harsh reality from his own boss. If it weren't for the special status of the editor's position, he surely would have been out of a job.
"News related to William White must be confirmed. If it happens again, write your resignation letter."
"Sure, Sir, I will review everything carefully."
In truth, it wasn't a huge issue; it was just a 24-hour convenience store--not even related to William White's company. The problem lay in the headline. Why write about a crazy expansion when it could be something else?
"Charlie, it seems we were right. He is, indeed, weaving a logistical web. And this 7-Eleven is the final stop."
"Warren, there's more. I sent someone to investigate, and 7-Eleven has started selling Viking Comics. Though it's just a weekly issue, sales have been pretty good."
"Magazines? Damn, it's not just a simple beehive; it's also boosting magazine sales. I really want to know, what kind of person buys newspapers at a convenience store?"
Charlie Munger chuckled bitterly. Not to mention newspapers and magazines, Americans would buy anything they could get their hands on from 7-Eleven--cigarettes, lunch boxes, even rain ponchos.
When he first heard about this, he was left speechless. Convenience stores were expensive; at least 15% higher than those big grocery stores, he thought, were people really getting that brainwashed by the economic crisis?
There was a time when Americans dreamed of driving to a supermarket in an RV, returning home to fill the fridge.
Sadly, those dreams got shattered by a bunch of cowboys. A serious economic crisis inflicted great wounds on society.
"Remember the storyline in Initial D? What was the name of that innocent girl?"
He dismissed it. It wasn't that the author was a fan of the male lead; this was just the current state of events in America. If it weren't for the economic crisis, the plot of the story wouldn't even have developed this way.
Even the best driving experience wouldn't save you from those greaseball uncles driving flashy cars. When William White read that part, he was left confused--what were they trying to convey? Maybe he'd misread it; was the core of the comic really about racing?
In his second chance at life, he wouldn't be so superficial or fragile. With change in perspective, he might resemble that greaseball uncle more.
The author pointed out a social phenomenon that truly existed in America. With the traditional childhood sweethearts gone, marriage had devolved into a mere production model of cooperation.
Marriage rates dropped significantly; birth rates couldn't even be observed. Those unaware might think they were living in wartime.
No love, no marriage, no kids--this was already a common occurrence.
Then the question arose: when family units were shrinking, why bother going to the supermarket?
Would you be able to finish a whole watermelon by yourself?
This was no joke--buying a whole watermelon in supermarkets became rare.
The main differences between large supermarkets and 24-hour convenience stores didn't lie in their hours of operation, unlike in the U.S. where shops stayed open all night, businesses in Asia typically didn't shut their doors early.
The most absurd example was in China, where Metro opened at 6 AM and closed at 10 PM daily.
Weekends? Forget it; they were open all year round.
Packaging in supermarkets was usually large, and catered to families, which was fine. But for individuals, it was often unnecessary, as the sizes were simply too big.
Eventually, only small businesses, restaurant owners, and bar proprietors frequented these shops.
All things considered, it was similar to the Chinese Metro; you needed a business license to get a membership card; without it, you weren't getting in.
"Warren, their consumer habits differ from ours. Maybe we've overreacted. A similar situation is also happening in Southeast Asia."
Buffett started to feel dizzy. He certainly visited 24-hour convenience stores now and then, usually just grabbing a bottle of soda while getting gas.
"Charlie, are life essentials sold at these places?"
"Yes and maybe, like, once a month, they would visit a big supermarket, if that."
"Goodness, this is a total disaster. How can this be happening?"
"Warren, a friend told me they grab lunch boxes at 7-Eleven--those kinds of meals with rice and vegetables. Sometimes they do the same for dinner when they need to pull late shifts. They would then stop by on their way home to buy bread and milk for the next morning."
After saying this, Charlie Munger fell silent, and the two old friends were left speechless. From a human angle, this was genuinely tough; if life continued like this, it was hard not to become a nervous wreck.
"Charlie, so you're saying all of this is our fault?"
"You could say that. Before, they really enjoyed life. Now it's different; Americans have grown poorer, and they won't spend unnecessarily anymore."
"Cough, so they don't look for entertainment?"
Charlie Munger looked at Buffett with uncertainty, unsure how to respond.
"Disneyland was packed every day. The proportion of annual pass users is the highest in the world. And then there are comics and video games, not to mention those specialized adult films."
Well, Buffett found it hard to comment further; the more miserable life became for Americans, the more money William White made. This guy virtually covered every business except for adult films.
Truth is, Buffett didn't know that this industry was once on William White's radar.
As for why he later gave up?
Well, he had kids now, didn't he?
While Buffett had figured out why convenience stores were thriving in America, he still found it puzzling. The U.S. was the U.S., and even in times of economic crisis, it had yet to reach such extreme levels.
For Americans, they had grown accustomed to this kind of hysterical economy. The economic crisis was painful but didn't last long. They were merely pushed a little harder; did Americans not have the capacity to bounce back?
Of course, Buffett had no idea that Americans were extremely confident, and there was a flaw in that confidence--they couldn't handle knocks, and once they did, it would lead to extreme insecurity.
*****
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