By: Greg Lindenberg | April 4, 2024

Foodservice drives in-store sales, which grew 8.2% in 2023, according to NACS

Convenience stores saw record sales in stores in 2023, according to newly released data from the National Association of Convenience Stores (NACS).

Total convenience industry sales in 2023 were $859.8 billion, of which $327.6 billion were from in-store sales. The average basket—what customers spent per visit—increased 3.7% to $7.80.

Overall, total industry foodservice sales—which includes prepared food; commissary; and hot, cold and frozen dispensed beverages—represented 26.9% of in-store sales, up 1.3 percentage points in 2023 from the year prior.

Convenience stores, which sell an estimated 80% of the fuel purchased in the country, saw total fuels sales decrease in 2023 to $532.2 billion, mostly the result of lower gas prices, which decreased 11.2% to $3.53 in 2023. Fuels sales accounted for 67.3% of revenues, but only 38.6% of profits for the convenience-store industry in 2023.

Factoring in both transactions at the pump and inside the store, the average convenience store had 45,312 transactions per month in 2023, or 1,491 per day, which is a 0.4% decrease from the year prior.

Industry metrics will be released this week during the NACS State of the Industry Summit in Rosemont, Illinois.

Founded in 1961 as the National Association of Convenience Stores, Alexandria, Virginia-based NACS advances the role of convenience stores as positive economic, social and philanthropic contributors to the communities they serve and is an adviser to retailer and supplier members from more than 50 countries.

Source: CSP