C-Stores Reach Nearly $860 Billion in Sales

Total convenience industry sales in 2023 were $859.8 billion and the average basket increased by 3.7 percent to $7.80 per visit according to data from the National Association of Convenience Stores. The industry metrics were released during the recent NACS State of the Industry Summit.

The report found that the total industry foodservice sales, including prepared food, commissary, and dispensed beverages, represented 26.9 percent of in-store sales, up 1.3 percentage points in 2023 from the year prior. This also helped drive up foodservice profits, which now represent 37.3 percent of total in-store profits.

Beyond the continued consumer embrace of convenience store food and beverages, two additional factors helped push up in-store sales: location expansion and inflation. While other brick-and-mortar retail channels experienced a shrinking store count, the convenience industry store count increased 1.5 percent for the second consecutive year to reach 152,396 stores, and, although inflationary pressures lessened from 2022, prices were still impacted, noted the report.

“Still, in-store sales showed real growth beyond store count and inflation,” said NACS in a statement.

Despite sales growth, expenses ate into store profits: direct store operating expenses climbed 3.3 percent to $150.1 billion in 2023, with wages and benefits representing the largest operating cost at $84.2 billion, according to the findings.