As we enter 2024, c-store retailers and customers alike are keeping an eye on inflation and the economic outlook for the year.
As this month’s operations article, “Tackling Inflation in C-Stores,” points out, while inflation has slowed from its high of 9.1% in June 2022 to 3.1% in November 2023, customers seem to be feeling the effects of consistently rising prices now more than ever. C-stores face the tricky balancing act of appealing to price-conscious customers with loyalty-program promotions and value deals while they themselves grapple with price increases across all areas of business from foodservice ingredients and products to staffing.
What’s more, inflation is one more thing impacting fuel demand — as customers have less discretionary spending power, they’re taking fewer trips. High gas prices and the rise of fuel-efficient vehicles are also contributing to lower gas demand, according to the Energy Information Administration’s November report.
As stores look to grow in the new year, the ongoing decline in fuel demand as well as shifts around EV charging are top of mind for many retailers.
This month’s cover story, “EV Adoption Still a Long Game,” shares the outlook for EV as well as the barriers to entry and key considerations for retailers deciding whether to enter the playing field. An aggressive outlook forecasts the percentage of zero-emission vehicles in operation by 2035 could reach 16.5%, while a conservative view paints the percentage as closer to 5.6%, according to Transportation Energy Institute research. But retailers must weigh numerous factors before diving into EV, from the costs to their location and customer base.
Get Social
For stores looking to reach new customers in 2024, social media is a crucial avenue. This month’s “The 2024 Social Media Awards” highlights the chains performing best across social media platforms and the trends to adopt if c-stores want to be successful in the new year. Hint: Video is more important than ever, from reels to TikToks, and it’s key for breaking through algorithms to ensure your content is seen, according to Blair Feehan, content marketing, Rival IQ, a Quid Company, which powered this year’s social media awards.
Burning Issues
Other key issues on retailers’ minds as the ball drops on 2024 are navigating labor management challenges — particularly recruitment and retention; the rise of AI and how c-stores can and should adapt; and how to best market c-store food programs for success, as c-stores begin to compete with quick-service restaurants on the food front.
These topics and more will be under discussion at the upcoming NAG Convenience Conference, set for March 10-13 in Tampa Bay, Fla., where retailers will converge to network and share ideas with other small to mid-sized c-store chains. For more info click here.
This year, NAG is celebrating its 40th anniversary. The conference is best known for its information exchanges, where retailers meet with non-competing chains to discuss how to navigate key challenges and opportunities.
Attendees will also have the opportunity to select from seven burning issue breakout sessions on topics ranging from security and risk as a small operator to winning the customer as trip drivers evolve.
Retailers can register at NAGConvenience.com. I look forward to seeing you in sunny Tampa Bay this March!