Convenience Store News Industry Report 2022: Back to the Future
Most key components of the convenience store business shined last year as total U.S. c-store sales grew by nearly 25 percent to $663.5 billion, according to the 2022 Convenience Store News Industry Report.
Motor fuel revenue was up 40 percent, in-store sales (including foodservice) were up a solid 6.2 percent to reach a record high, and foodservice sales alone were up more than 20 percent after suffering a 10 percent pandemic-induced decline in 2020.
In addition, motor fuel gallons were up nearly 8 percent last year after dropping almost 20 percent the previous year as consumers stayed home for the most part during the worst of the COVID-19 pandemic.
And despite higher operating expenses, including increases in wages and credit card processing costs, convenience store retailers posted a solid 4.7-percent increase in gross profits, reaching just a shade under $120 billion in 2021.
In fact, many of the industry’s key financial metrics last year matched those of 2018 and 2017, when the industry was in the midst of a run of five-plus years of record results.
Click below to download the full 2022 Convenience Store News Industry Report.