The Economics Of Vending Machines

Zachary Crockett on the vending machine ownership and operation industry.

The most interesting bit:

What makes the vending industry truly unique is its stratification: The landscape is composed of thousands of small-time independent operators — and no single entity owns >5% of the market.

What aren't there economies of scale in vending machine operations? Why aren't there a few large players who dominate the market?