The Future of Convenience Stores

The Future of Convenience StoresThe future can be very unpredictable for many industries due to uncontrollable forces that affect businesses such as the economy, social trends, politics and more. Fortunately for convenience stores, the future seems to be one of continued growth and stability. In 2013 alone, U.S convenience stores reached record in-store sales of $204 billion. In-store sales combined with motor fuels sales of $491.5 billion equaled a total of $695.5 billion in sales for convenience stores, according to figures released by the National Association of Convenience Stores (NACS). In addition, the number of U.S c-stores reached 151,282 as of December 31, 2013 and they now account for 34.3% of all retail outlets in the U.S, according to Nielsen.

While many businesses suffered losses when the most recent recession hit the U.S, convenience stores proved to be largely recession-proof. According to Jeff Lenard, Vice President of NACS, the reason for c-store stability during times of economic downturn is because “right now 84% of what is purchased at a convenient store is consumed within an hour”, which means consumers have to purchase items often. Just last year, over 2,000 convenience stores opened their doors and employment among c-stores rose 19%. Being able to resist changes in the economy is one of the reasons that convenience stores have become so popular and will continue to be in the future.

The popularity of convenience stores is also largely due to the fact that they continue to expand on their offerings in order to fulfill more consumer needs. First off, almost 83.7% of convenient stores sell motor fuel according to the U.S. Convenience Store Count report. Secondly, instead of just offering soda and candy bars, c-stores stock electronic items, automobile accessories, meals, OTC medications, gourmet coffee and other high demand products. By offering a wider range of products, customers can save time and get more of what they need in one place.

Convenience stores sell time to a society that is time-poor. They provide consumers the ability to avoid visiting multiple stores to get everything on their list and instead do it all in one quick stop. The average time that it takes for a customer to walk in and make a purchase is 3 minutes and 33 seconds. In that short amount of time, they can fill up their gas tank, get a gourmet coffee and something for lunch, and even purchase a new charger for their phone. The growth of convenience stores won’t stop any time soon, so if you’re in the business or thinking about it, the future for this industry is looking very profitable.

JoelGoldsteinEmailSignature

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President

Mr. Checkout Distributors
381 South Central Ave.
Oviedo, FL 32765