5 CHARTS THAT HIGHLIGHT THE EVOLVING C-STORE LANDSCAPE

There’s no missing the big changes in the convenience store industry over the past few years.

Companies like Wawa and Buc-ee’s are forging their way to new states, while others such as Mountain Express and Foxtrot have gone bankrupt.

Fuel sales continue to struggle post-COVID-19 while foodservice grabs an expanding spotlight.

It’s a lot to take in.

To help break things down, C-Store Dive sorted through NACS and NielsenIQ data from the last three years and pulled out some of the most interesting data points to share — starting with a quick look at the sales data.

The evolution of c-store sales

There’s no question that gasoline is a massive revenue driver for c-stores.

But with the advent of the COVID-19 pandemic, c-stores became a lifeline for food, snacks and other items in a quick and easy format.

And some companies are focused on being seen as a restaurant just as much as — if not more than — a gas station.

Add in the looming changeover to electric vehicles, which threatens to put a big hole in fuel sales, and it’s understandable why some companies increasingly emphasized inside sales.

For instance, Arko Corp. and its c-store arm, GPM investments, saw its merchandise contribution grow almost 10% in the first quarter, according to its earnings report.

The convenience retailer has reiterated over the past year that it’s focused on on increasing inside sales in several key categories: candy; beer; sweet, salty and alternative snacks; and packaged beverages.

Inside sales grew over 8% year over year in both 2022 and 2023, according to NACS data.

While this is notable, it’s also important to remember that inflation pushed up prices and boosted c-store revenues over the past year. 

The competitive landscape continues to shift

While more than 10% of all convenience stores in the U.S. can be found in Texas, the fastest-growing part of the country for independent retailers has lately been the Northeast, according to NACS data.

That area includes all of New England as well as New York, Pennsylvania, Delaware, Maryland, Virginia and West Virginia.

The number of independent c-stores in that region reached 19,710 by the start of 2024, up close to 3% compared to the same point a year prior.

That was nearly double the gains of any other geographic area.

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