C-store sales hit $860 billion in 2023.
Store count across the convenience store segment of retail grew 1.5% to 152,396 stores.
Fuel sales decrease in 2023 to $532.2 billion, largely as a result of lower gas prices, which decreased 11.2% to $3.53 in 2023.
Fuel sales accounted for 67.3% of revenues, but only 38.6% of profits for the convenience store industry in 2023.
If the average retail margin was 30 cents per gallon, and total gallons of 180 bn gallons, total fuel profit is around $50 billion for the sector. Small savings equate to big dollars in this industry.
What would a 1% improvement in fuel cost mean for your profitability?
Gravitate #fuel #margin
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