One Step Vending Corp (OTCMKTS:KOSK) has finished the installation of a micro market in San Diego’s Cushman Wakefield. The new Cushman Wakefield micro market will offer services to employees numbering 110. One Step Vending is hoping that with more micro markets installed, there will be an increase in revenues and this will enable it to invest in marketing activities and campaigns on a national level. This could assist the company grow beyond the West Coast and to the rest of the United States.
“In addition to having our markets physically closer in proximity, the additional revenue these markets generate can be used as growth capital to help us market more heavily to these new markets,” said the chief executive officer of One Step Vending, Daniel Garfinkel.
The new micro market installation comes in the wake of similar installations that have been done in recent weeks. Micro market sites numbering 18 have been added so far this year.
One of the factors contributing to the faster roll out of micro market locations is that the installation costs per location have reduced as they have come down to approximately $1,200 per site. Such an installation has the capacity to profitably offer services to between 50 and 300 users. Previously, there needed to be at least 300 users per site in order to break even.
Micro market installations not only offer convenience but they are cost effective and provide instant gratification. Due to these factors, they are preferred to vending machines and supermarkets. When compared to vending machines, for instance, micro market installations are able to provide a wider choice of foods in a way that is impossible for a vending machine to do.
Going forward, One Step Vending has also begun a feasibility trial in conjunction with a water firm based in Michigan and this could see around 150 more micro market sites added. The trial to test the viability of setting up micro sites at the water firm’s premises will last for 20 days.
On Friday shares of One Step Vending Corp fell sharply by 15.42% to close the day at $0.0203 a share.
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