Convenience stores across the United States saw a rise in revenue and the number of outlets over the last decade, CNN reported on Sunday, citing data from the National Association of Convenience Stores.
According to the data, the number of sales inside the stores during the past decade increased by around 30%, and the number of stores grew by 28%.
The convenience stores made about $242.2 billion in revenue in 2018, excluding gasoline, according to the data reported by CNN.
The rise in the convenience store sales comes as consumers, Millenials in particular, continue to prefer the quick service, free parking, and round the clock availability provided by outlets of companies such as Wawa Inc., Sheetz Inc., Casey's General Stores Inc. (NASDAQ: CASY) and 7-Eleven Inc.
Trips to large retailers like Walmart Inc. (NYSE: WMT) and Costco Wholesale Corporation (NASDAQ: COST) or fast-food chain stores like McDonald's Corporation (NYSE: MCD) and Domino's Pizza Inc. (NYSE: DPZ), require a larger time commitment than the convenience stores, reducing their appeal, according to CNN.
The convenience stores have also been able to adapt to the times, CNN noted, as most of them now cater to modern preferences like " meal kits, salads, keto snacks, Kombucha and espressos," instead of just the traditional "cokes, smokes and gas."
Why It Matters
The retail industry has suffered in recent years due to the rise of quick home delivery services across verticals, such as those provided by Amazon.com Inc. (NASDAQ: AMZN), Peapod Online Grocer LLC., and Instacart Inc.
Just 2019 saw more 9,300 retailing stores shut down across the country, with many prominent companies including Forever 21 and Payless ShoeSource Inc. filing for bankruptcy, and others posting net losses.