Market Outlook: US Convenience Store Retailing—Navigating Structural Challenges, Mergers and Emerging Opportunities

Each Market Outlook offers our analysts’ definitive view of their sector. This research report includes proprietary forecasts, analysis of company metrics, exclusive consumer survey data and our analysts’ consideration of factors and themes in the market.

In this Market Outlook, we explore the size and trajectory of the US convenience store sector and key factors impacting growth. We detail the overall market’s competitive landscape, and present key themes we are watching in 2024 and beyond.

Data in this research report include:

• Total sales and year-over-year sales growth in the US convenience store sector, 2019–2028E
• Top product categories by sales in US convenience stores, 2022–2023
• Tobacco sales growth, in dollar and unit terms in US convenience stores, 2019–2023
• Major US convenience store retailers’ US revenue, operating margins and US store counts, 2018–2022
• Major US convenience store retailers’ year-over-year store traffic growth, January–December 2023
• US convenience stores’ total foodservice sales and year-over-year growth, 2018–2022

Introduction

What We Think

• More M&A Deals on the Horizon
• EVs Will Create Challenges and Opportunities
• Foodservice Will Emerge as an Alternate Revenue Driver

The Sector

• Market Scale and Opportunity
• Category Breakdown
• Market Factors

The Companies

• Competitive Landscape: Retailers
• Store Numbers and Changes
• Store Traffic

Themes We Are Watching

• EV Adoption is Growing, But the Existential Threat Remains Exaggerated For the Time Being
• Growing Emphasis on Foodservice
• Private-Label Goods
• Increased Industry Concentration

Retail Innovators

• Standard AI
• Swiftly
• RELEX Solutions

Notes and Methodology

Appendix: Ranking Retailers by Store Numbers

14-page PDF report

Alimentation Couche-Tard, Arko Corp., BP America, Casey’s General Stores, EG America, Murphy USA, QuikTrip, Seven & i Holdings, Wawa

1. US Convenience Stores Sales: Total Sales (Left Axis; USD Bil.) and YoY Growth (Right Axis; %)
2. US Convenience Stores: Top 10 Categories by Sales* (USD Bil.)
3. The US: Real-World Fuel Economy (MPG) For Vehicle Model Year
4. US Convenience Stores: Tobacco Sales* Growth, in Dollar and Unit Terms (USD Bil.)
5. US Convenience Stores: Major Retailers’ US Revenue (USD Bil.)
6. US Convenience Stores: Major Retailers’ Operating Margins (%)
7. US Convenience Stores: Store Count in the US
8. Seven & i Holdings: North American Store Count, By Operating Model
9. Alimentation Couche-Tard: Global Store Count, By Operating Model
10. US Major Convenience Store Retailers’ Store Traffic: YoY % Change
11. US Electric Car Sales (in Millions)
12. US Convenience Store: Total Foodservice Sales (Left Axis; USD Bil.) and YoY Growth (Right Axis; %)
13. US Convenience Stores: Market Breakdown, by Name Brand and Private-Label Sales Value (% of Total Sales)
14. US Convenience Stores: M&A Deals (Number of Transactions)
15. Timeline of Major M&As in the US Convenience Store Industry in 2023 and 2024