Convenience Store News Industry Report 2023: Reaching New Highs

On May 11 of this year, U.S. President Joe Biden formally declared the national state of emergency for the COVID-19 pandemic over but, for much of the last year, Americans already have been returning to normal living and the nation’s convenience stores have been benefitting as traditional commuting routines and shopping behaviors bounce back.

Total U.S. convenience store sales reached a record high of $814 billion last year, an increase of nearly 23 percent year over year, according to the 2023 Convenience Store News Industry Report, the longest-running annual analysis of U.S. c-store industry performance.

For the second year in a row, motor fuel sales posted an annual increase upwards of 30 percent. Largely driven by higher gas prices, the industry’s 2022 fuel revenue rose by 32.9 percent to reach $538.7 billion. Fuel volume grew slightly, with gallons up 1.6 percent for the year.

Also for the second consecutive year, in-store sales at U.S. convenience stores hit a new high of $275.3 billion last year, up 6.6 percent over the prior year. While inflation pushed product prices higher throughout 2022, a 1.5-percent increase in the industry’s store count — led by single-store operators — contributed as well to last year’s strong in-store sales growth.

Industry gross profits overall jumped 3.3 percent last year, down slightly from the nearly 5-percent increase of 2021. While both in-store and motor fuel gross profits climbed last year, in-store saw a stronger increase, propelled by the power of the foodservice category. In-store gross profits totaled $73.35 billion for the year, while fuel profits totaled $50.61 billion.

Click below to download the full 2023 Convenience Store News Industry Report.