by John Keller | Nov 28, 2022 | Customer News, Fuel Price Management, Fuel Price Management Solutions, Fuel Price Optimization, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Industry News
According to the CStore Decisions article here, long-time Skyline sign and PriceAdvantage customer Royal Farms is expanding into North Carolina. Royal Farms will begin their expansion in Grandy, and follow with stores opening in New Bern, Greenville, Lumberton, Kinston and Jacksonville.
Royal Farms owns and operates over 260 locations throughout the mid-Atlantic. Royal Farms has been a Skyline sign and PriceAdvantage customer since 2006.
by John Keller | Nov 21, 2022 | Customer News, Fuel Price Optimization, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Industry News, PriceAdvantage, Retail Fuel Margins
As reported by CStoreDecisions in an article here, Sheetz is reducing the price of Unleaded 88 to $1.99 for the holiday season, starting November 21, 2022 and running through November 28, 2022.
This is the second time Sheetz has run a promotion like this. The first time resulted in a hugely successful public relations effort, with the story being run in numerous national news outlets.
PriceAdvantage is instrumental in making it possible to execute a complex pricing strategy like this one.
by John Keller | Nov 17, 2022 | Customer News, Fuel Price Management, Fuel Price Management Solutions, Fuel Price Optimization, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Industry News, Retail Fuel Margins
According to Fuel Marketing News, the Convenience Leaders Vision Group held its inaugural session on November 1, 2022. The article can be found here. This collaborative group of convenience retailing leaders will meet once a quarter to discuss and debate thoughts on market trends and disruptions, which will be shared through a series of trend reports. The first CLVG Trend Report will be released in early December 2022. The number of ideas presented during the first meeting, and the level of engagement, was impressive and is exactly what the founders had hoped would happen.
The CLVG is made up of well-respected industry leaders, 30% of which are PriceAdvantage customers including:
- Varish Goyal, Loop Neighborhood Markets
- Scott Hartman, CEO, Rutter’s
- Doug Haugh, President, Parkland USA
- Greg Parker, CEO, Parker’s Kitchen
- Joe Sheetz, Executive Vice Chairman, Sheetz, Inc.
- Kevin Smartt, CEO, TXB Stores
We look forward to tracking what the group releases in their quarterly Trend Reports.
by John Keller | Nov 16, 2022 | Customer News, Fuel Price Management, Fuel Price Management Solutions, Fuel Price Optimization, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Retail Fuel Margins
ConvenienceStore News has named Parkland USA President Doug Haugh as Retailer Executive of the Year. The article that includes an interview with Doug can be found here. It traces the chain’s rapid expansion from 20 company-owned stores to 212, and the development of their On the Run brand.
At the beginning of 2022, Parkland USA selected PriceAdvantage for their retail fuel pricing software. In a press release announcing this selection, Jay Erickson, COO of Parkland USA said “With the current fluctuations in fuel costs, supply, and demand it’s more important than ever to have a responsive and accurate retail fuel pricing platform. PriceAdvantage’s proven technology will enable us to be agile with our pricing, which will help strengthen our business and ensure our customers continue to benefit from competitive prices.” By helping Parkland make strategic, up-to-the-minute pricing decisions, they can be responsive to evolving demands with peace of mind that changes are rapid and accurate.
by John Keller | Nov 15, 2022 | Customer News, Fuel Price Management, Fuel Price Management Solutions, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Industry News, Retail Fuel Margins
NACS published an interesting article titled “EVs Are Hitting the Mainstream“. Here are some highlights:
- EV purchasers have morphed from tech aficionados to “the early majority, which is when the first sizable segment of the population begins to adopt the innovation”
- Sales of EVs are up 70% YOY through September 2022 as compared to ICEs where sales are down 15%
- Chevy is one of multiple car companies that are introducing EVs in the $30,000 price range next year
- Safe, readily available charging stations are still a concern
It’s this last bullet that is relevant to the c-store industry. Fuel retailers would be wise to follow industries such as Casey’s, Maverik, Sheetz, and Spinx, and focus their attention on adding charging stations in strategic locations.
by John Keller | Nov 7, 2022 | Customer News, Fuel Price Management, Fuel Pricing Software, Fuel Pricing Strategy, Fuel Pricing Technology, Fuel Software, Industry News
NACS published an excellent article discussing how the line between c-stores and QSRs (Quick Serve Restaurants) has blurred or is even nonexistent.
The NACS article is based on a Forbes article saying convenience stores are likely taking market share from quick-serve restaurants. The Forbes article references research from Cardlytics, a company that provides information on consumer spending, showing that food sales at c-stores have increased to over 20% and that the category is likely taking market share away from traditional quick-service restaurants. Since 2019, convenience store share has increased from 18.42% to 21.39%. One advantage is wait time: the average wait time at a QSR is about 7 minutes, while the c-store average is 4 minutes. And some c-store chains like Sheetz offer drive-thru and pickup services.
Cardlytics has two Blogs on this market share topic. The first article titled “Convenience Food Purchase Insights vs. Traditional QSR” attributes the stealing of market share to the evolution of the c-store food offering and the made-to-order menu. The second article titled “Convenience Stores are a Surprising Threat to Quick Service Restaurants” concludes that 59% of customers consider purchasing a meal from a c-store when stopping for fast food.
Another example of a c-store chain that has blurred the line is TXB, formerly branded as Kwik Chek. Their stores now offer locally sourced, ready-to-cook meats, such as marinated beef skirt steak and chicken breast fajitas, as well as artisan products like fine chocolates, gourmet cheeses, salamis and wine.
NACS says foodservice now makes up 35.5% of in-store gross profits at c-stores.
