Translation:The convenience store is over here.
Yeah, I think "this way" is the better answer. You could say it the way they have it in the exercise, but in practical use it would be acting extra polite by stating the obvious when the store is sort of in view of both of you. Or yelling it to someone when there is a distance between you and them. Neither seems to be as frequently of use as "this way."
I know. I am asking if the Japanese word "コンビ二" is the equivelent of the english word "corner shop", because wher I come from, Duo's suggestion, convinience stores, do not exist. It makes logical sense for a convinience store to be a corner shop, but I do not know. Therefore, I am asking someone else.
Since コンビニ is from the English, let's break it down into how it changes from English to Japanese.
For English, we'd break it down into these syllables, right? con vin ience or con vi nience depending on your accent or speaking preference.
However, Japanese doesn't really use the same breakdown of sounds as English. The sound unit breakdown corresponds roughly to each hiragana/katakana (き ゆ ち ん etc), and so while in English, we would hear ねこ (cat) and ラーメン (ramen) as having two syllables, in Japanese, there are two sound units in ねこ and four in ラーメン.
So, if we break "convenience" down in sound units like in Japanese, we get... co n vi ni ence.
That last part looks like a pain, so let's ignore it and translate the rest into katakana.
co -> コ n -> ン vi -> ビ ni -> ニ
Often Japanese will add vowels into loanwords, most frequently i or u. I'm not sure in this case if it's an added sound or just breaking off the "ence."
This might be a longer explanation than you were hoping for, but I hope it helps! If you'd like to know more; Japanese, mora, and linguistics; are good keywords that should lead you in the right direction.