Once upon a time, convenience stores were gas stations with a small retail establishment attached. Consumers would visit these places to fill up their cars and purchase other small items. However, Placer.ai’s recently released white paper “C-Store Trends & the Brands Leading the Way” revealed that modern c-stores are now much more than just fueling stations; they have become places where consumers can grab specialty coffee, pick up dinner or buy groceries on their way home from work.
In recent years, c-stores have seen remarkable success in comparison to other related categories such as grocery stores – despite some YoY gains falling behind those of coffee and QSR segments due largely to already stellar 2022 performance according to the white paper. RJ Hottovy (Head of Analytical Research at Placer) commented that there had been anecdotal evidence suggesting increased competition between food retailers but was surprised by how much market share has been gained by C-store chains over past few years – even when higher gas prices meant fewer visits for fueling stations!
The two main reasons for this growth are inflation driving people towards affordable luxuries like C-Stores instead of going on large grocery runs plus better food offerings including fresh coffees and fast foods making them an attractive option compared with traditional supermarkets/restaurants etc.. Chains prioritizing their food offerings such as Wawa (with new menu additions & increasing number drive thru pickup windows) appear particularly successful in capturing visitation market share according to Hottovy .
Additionally , it is noted that while The C Store segment is highly regional – 7 Eleven dominating West Coast , Maverick Adventure First Stop popular Wyoming/Utah etc – they tend be most popular during summer months especially those offering recreational vibe . Northern states experience higher peaks than warmer counterparts like Florida / California due likely vacationers visiting regionally specific attractions .
As result many brands expanding through mergers acquisitions e g 7 Eleven acquiring Speedway April 2023 Maverick buying Iowa based Kum Go 2021 … This repositioning as inexpensive grocery store quick service restaurant venues means category flourished high fuel prices kept station visits down .. While moderation expected post peak travel season positive visitation growth expected balance 2023 2024 through affordable options expansion into new markets per Hottovy !
