Convenience Stores in the US - Industry Market Research Report

Convenience Stores in the US - Industry Market Research Report

Convenience Stores in the US

Over the last five years to 2022, the Convenience Stores industry has withstood fierce competition by offering convenience, value and a variety of fresh and healthy products. Industry operators have increasingly shifted product mixes to include food service products that are more profitable than items such as cigarettes and have focused more on satisfying demand for quick and easy meal options. As a result, industry operators have benefited from consumers' need for time-efficient and healthy food service locations. However, due to the COVID-19 (coronavirus) pandemic and the subsequent economic lockdown, consumer spending collapsed as the unemployment rate soared, which has depressed demand for the industry. Conversely, in 2021, new technology, alongside mass vaccination and the lifting of health restrictions, enabled the industry to recover from the effects of the virus. Overall, revenue has grown an annualized 3.1% to $37.3 billion over the five years to 2022, growing 1.8% in 2022 alone.

Operators in the Convenience Stores industry primarily sell basic food, beverage and tobacco merchandise in convenient locations that are generally open during extended hours. This report excludes gas stations (IBISWorld report 44719), gas stations with convenience stores (44711), supermarkets and grocery stores (44511) and small kiosks.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."