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1、Circana,LLC|For public use1U.S.C-StoreLandscape Q4 2023February 2024Retail Thought Leadership Circana,LLC|For public use2 2Executive SummaryThe convenience channel experienced strong dollar growth in 2023,which outpaced MULO for total store and all top sales categories.The MULO YOY increase in PPU w

2、as higher,but c-store made up for the difference with better performance in YOY units sold.While other retail channels outpaced convenience in trip growth,c-store sales benefited from a YOY increase in units-per-trip while other channels decreased for the year.Looking ahead to 2024,convenience chann

3、el mergers and acquisitions are likely to continue,as well as retailers expanding into new regions.C-stores have opportunities to improve customer experience in 2024 by implementing changes to decrease checkout time and enhance loyalty programs.Key 2023 Trends2024 Outlook In 2023,convenience channel

4、 dollar sales,+4.8%,outpaced MULO,+3.7%,leading to a slight YOY increase in c-store dollar share of MULO+C to 17.5%in 2023,from 17.4%in 2022.C-stores also outperformed MULO in unit sales in 2023(-0.4%for convenience channel vs.-3.0%for MULO).Convenience outperformed MULO in YOY dollar sales across a

5、ll top sales categories including cigarettes,beer,and packaged beverages(NA).C-store total beverage dollar sales grew YOY in the 2023 morning daypart;specialty coffee was a key contributor,with a 9%YOY increase in dollar sales.Price-per-unit increased 5.1%YOY in c-stores and 6.9%in MULO for 2023,wit

6、h both channels posting decelerated PPU growth in each quarter of the year.C-store shoppers continue to opt for lower-priced items to partially offset increased prices.In 2023,private label share of total store dollars decreased from 9.2%to 8.8%YOY in convenience.Private label dollar sales for c-sto

7、res did see a 3.9%YOY increase in 2023 but did not keep pace with national brand growth,+9.1%.The convenience channel underperformed other retail channels in YOY trip growth for 2023 but was the only channel to see an increase in units/trip vs.2022(4%increase YOY for c-stores vs.5%decrease for rest

8、of retail).Foodservice remains a key emphasis for many retailers in the convenience channel and had a 4.4%YOY increase in dollars for 2023,but did not keep pace with QSR,which grew 6.7%YOY.Convenience channel mergers and acquisitions made headlines in 2023 and the trend is likely to continue in 2024

9、,with retailers acquiring new stores and expanding into new regions.Convenience customers indicate that they shop at c-stores because of quicker checkouts and loyalty rewards but would like to see improved prices and loyalty discounts in 2024.Kiosk check-outs and e-commerce sales grew in 2023 and bo

10、th can be leveraged by c-store retailers to improve customer experience by decreasing check-out time.Circana,LLC|For public use3 3Circana,LLC|For public useU.S.C-store Landscape Q4 2023Sales Trends3Circana,LLC|For public useCircana,LLC|For public use4 4Convenience channel YOY dollar sales growth out

11、paced all channels in Q4 and for total 2023Source:Circana,POS,13WE December 31,2023Multi-outlet(MULO)and food channels both saw their fourth consecutive quarter of decelerated YOY dollar growth in Q4 2023Convenience channel dollar share of MULO+C was 17.5%in 2023,up slightly from 17.4%in 2022C-store

12、s also outperformed MULO in unit sales in 2023(-0.4%for convenience channel vs.-3.0%for MULO)Dollar Sales%vs.YA7.8%4.9%2.6%0.1%3.7%5.6%3.8%1.2%-1.0%2.3%0.4%-3.1%-2.9%-5.7%-2.9%5.0%5.4%4.8%3.8%4.8%Q1 2023Q2 2023Q3 2023Q4 2023Total 2023MULOFood DrugConvCircana,LLC|For public use5 5Circana,LLC|For publ

13、ic use-10.0%-5.0%0.0%5.0%10.0%15.0%HEALTH&BEAUTY CAREALTERNATIVE SNACKSOTHER DAIRY&DELISWEET SNACKSCANDYSALTY SNACKSOTHER TOBACCOBEERPACKAGED BEVERAGES(NA)CIGARETTESThe convenience channel outperformed MULO in all top sales categories in 2023Category Performance|2023 Dollar Sales%Change vs.YA*Top ca

14、tegories based on U.S.convenience sales$in 2023Source:Circana,POS,52WE December 31,2023Total U.S.Convenience Total U.S.Multi-outlet Circana,LLC|For public use6 6In 2023,convenience outperformed MULO across all regions except California and Mid-SouthNote:$growth index vs.MULO=($%chg.conv/$%chg.MULO)*

15、100;Source:Circana,Retail Advantage,CY ending December 31,2023State$%Chg.vs.YA in C-store$%Chg.vs.YAin MULOWashington+8.1%+1.9%West Virginia+8.1%+4.0%Massachusetts+7.9%+3.9%Pennsylvania+7.2%+3.5%Arkansas+7.1%+5.6%Bottom 5Top 5Total Convenience,Circana Standard Eight Regions Dollar Sales%Chg.vs.YA CY

16、 2023Top and BottomDollar Growth States,CY 2023Regions(Conv.)$Sales(Billion)%Chg.vs.YA%Dollar Any Merch%$Any Merch Pt.Chg.$Growth Index vs.MULOSouth Central$27.7+5.8%17.8+1.6150%West$20.8+5.6%16.7+0.4173%Southeast$33.4+5.3%17.2+0.9118%Plains$15.5+5.3%16.5+1.0112%Northeast$28.0+5.2%13.7+0.6136%Great

17、Lakes$28.8+4.5%16.8+0.7135%Mid-South$27.7+4.1%17.3+1.697%California$13.6+0.7%18.5+2.535%California+0.7%+1.9%Maine+0.8%+4.5%New Hampshire+1.4%+4.8%Oregon+2.1%+3.9%North Carolina+2.6%+3.7%80 120 120Based on Dollar Sales%Chg.vs.YACircana,LLC|For public use7 7C-store foodservice occasions declined in 20

18、23Check growth drove sales increases in c-store foodservice occasions.Source:Circana,CRESTFood-forward c-stores include Caseys,WaWa,QuikTrip/QT,Kwik Trip/Kwik Star,Pilot Flying J/Pilot Travel Center,Sheetz,Cumberland Farms,RaceTrac/Race Trac,Kum&Go,Maverik,Royal Farms,GetGo,QuickChek,Rutters Farm St

19、ore,Buc-ees-6%-6%-3%0%3%1%1%1%3%2%3%0%1%-2%-2%-3%Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Foodservice Trips%Change vs.YAQSRC-storesNearly half of the recent quarters QSR growth was fueled by increases in the coffee/tea quick service restaurantsFood-forward c-stores make up 20%of traff

20、ic but only 7%of the decline this quarter1%7%5%-2%4%6%-5%0%5%10%15%20%TrafficDollarsAvg.CheckYE 2023%Change vs.YAQSRC-StoresCircana,LLC|For public use8 8Beverage is of major importance at c-storesC-store trips include a beverage the clear majority of the time and well above QSR.Dayparts are based on

21、 consumer perceptionSource:Circana,CREST,12ME December 202391%73%25%35%45%55%65%75%85%95%C-StoresQSR%of Trips Including a Beverage24%25%18%33%Morning MealLunchDinnerPM SnackDistribution of C-Stores Beverages+1%-3%-1%-2%Driven by specialty coffee and CSDsservings%chg.vs.YA*consumed within 6 hours of

22、purchaseafternoon and eveningJust over 9 in 10 c-store foodservice visits*include a beverageP.M.snack daypart is largest in share,but morning meal performed bestCircana,LLC|For public use9Circana,LLC|For public use9Beverage alcohol was the top growing beverage at c-stores in 2023 and has consistentl

23、y grown in importanceC-store competitive strengths include beverage alcohol and juiceC-store foodservice beveragesBeverage alcohol is an important part of c-stores beverage mix.QSRs are moving in on the energy/sports drinks category quite rapidly.*%of foodservice trips including beverage alcoholSour

24、ce:Circana,CREST 12ME December 2023C-StoresQSRsCSDsBottled WaterBeverage AlcoholTraditional CoffeeJuiceCSDsSpecialty CoffeeTraditional CoffeeIced TeaBottled Water6.79.62002120222023Beverage Alcohol Incidence*Servings vs.YA+5%Top 5 Beverage CategoriesCircana,LLC|For public use1010Circana,L

25、LC|For public useU.S.C-store Landscape Q4 2023Pricing10Circana,LLC|For public useCircana,LLC|For public use1111Circana,LLC|For public useU.S.MULO U.S.Convenience MULO and convenience average price-per-unit growth continued to decelerate in Q4 2023Source:Circana,POS,13WE December 31,2023Average Price

26、-per-unit Across the Store%Change vs.YAFor 2023,the average PPU increased 5.1%(from$3.92 to$4.12)YOY in c-stores and 6.9%in MULO(from$4.26 to$4.56).Despite easing inflation,comparisons from 2023 to 2021 show significant average PPU increases,up 10.8%in convenience and 16.7%in MULO.10.1%11.8%13.7%14.

27、0%12.4%8.4%5.0%2.4%4.3%5.3%6.6%7.4%6.0%6.0%5.3%3.1%Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Circana,LLC|For public use1212Customers are trading down and opting for lower priced products in C-storesCircana Inflation MonitorSource:Circana,U.S.convenience POS,13WE December 31,2023-10%-5%

28、0%5%10%15%OverallCIGARETTESOTHER TOBACCOPACKAGED BEV(NA)BEERCANDYSALTY SNACKSHEALTH&BEAUTYInflationAssortmentMix7.0%8.0%9.0%8.6%7.8%6.3%4.8%0.1%0.2%0.0%0.5%-0.3%0.4%0.3%-2.2%-1.9%-2.0%-3.2%-1.3%-1.5%-2.0%Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023InflationAssortmentMixWhat the retailer makes a

29、vailableWhat the customerpurchasesWhat prices the retailer setsPrice-per-unit growth decreased for c-stores in Q4 as customers continued trading down to lower-priced products(mix)Customers continue to opt for lower-priced products in many of the top sales categories,including cigarettes,other tobacc

30、o products,and beerCircana,LLC|For public use1313Circana,LLC|For public useNational brands continue to outperform private label in sales dollars and units in convenienceBeer,wine,liquor,and tobaccocategoriesexcluded from totalsSales source:Circana,POS,WEDecember 31,2023Convenience channel private la

31、bel YOY dollar sales growth continued to slow in Q1 2023 compared to Q4 2022.Private Label National BrandC-store YOY Dollar Growth12%10%5%2%-1%9%11%10%8%7%Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Private label sales increased 3.9%YOY in sales dollars for 2023 but did not keep pace with national brand prod

32、ucts,which increased 9.1%YOYIn 2023,private label share of total store dollars decreased from 9.2%to 8.8%YOY in convenience,while MULO increased PL share from 22.2%to 22.6%Private label units in the convenience channel decreased 2.2%YOY in 2023 while national brand items increased slightly(0.5%)YOYO

33、ther dairy&deli made up 36%of private label sales in the convenience channel but dollar share of total stores YOY decreased from 66.2%to 65.4%in 2023Circana,LLC|For public use1414Circana,LLC|For public useU.S.C-store Landscape Q4 2023Baskets,Trips,and Leakage14Circana,LLC|For public useCircana,LLC|F

34、or public use1515Circana,LLC|For public useConvenience trips continue to show YOY growthBut these trips have not kept pace with the rest of retail,where trip growth was led by the dollar channel in 2023Source:Circana,Consumer Receipt Panel data NBD adjusted,YTD ending December 10,2023,total store ex

35、cluding fresh4%2%2%2%1%8%12%12%Q1 2023Q2 2023Q3 2023Q4 2023CONVENIENCERETAIL(EX.CONV)13.13.53.4-10.8-6.60.52.23.5DOLLARCLUBWALMARTMASSXDRUGFOODCONVENIENCEOMNICHANNELTrips%Change vs.YA2023 Channel Trips%Change vs.YACircana,LLC|For public use1616Units per Trip%Change vs.YA2023 Channel Units per Trip%C

36、hange vs.YA2%7%2%3%1%-5%-9%-10%Q1 2023Q2 2023Q3 2023Q4 2023CONVENIENCERETAIL(EX.CONV)Total retail has seen YOY decreases in basket size,while convenience has shown YOY growthIn 2023,units/trip increased 4%YOY in convenience channel while rest of retail decreased 5%versus 2022.Source:Circana,Consumer

37、 Receipt Panel data NBD adjusted,YTD ending December 10,2023,total store excluding fresh-4.3-1.8-4.3-8.2-3.4-3.24.2-1.3DOLLARCLUBWALMARTMASSXDRUGFOODCONVENIENCEOMNICHANNELCircana,LLC|For public use1717Circana,LLC|For public useU.S.C-store Landscape Q4 20232024 Outlook and Actions17Circana,LLC|For pu

38、blic useCircana,LLC|For public use1818Opportunity for C-StoresTop Big Game FoodsGearing up for Super Bowl SundaySuper Bowl Sunday=Super Bowl 2022(February 13,2022)+2023(February 12,2023)Source:Circana,CRESTOn Super Bowl Sunday,C-store share of commercial foodservice dinner and PM snack traffic is be

39、low what it was in all of 2023.QSR,however,is capturing a larger share than expected.Wings are 240%more likely to be ordered on Super Bowl Sunday compared to the annual average.QSR pizza chains in total get a 7%lift in transactions during Super Bowl week vs.the prior week,making it the best-performi

40、ng restaurant channel during that week.Pizza is the#1 food from commercial foodservice on Super Bowl Sunday.14.5%65.0%14.0%16.3%62.0%17.0%C-StoresQSRFull-Serve RestaurantsC-store Share of Commercial Foodservice Dinner&PM Snack TrafficSuper Bowl Sunday12 ME Dec 2023Circana,LLC|For public use1919Circa

41、na,LLC|For public useC-store expansion and consolidation is likely to continueSource:Raymond James Investment Banking|Convenience Store Insighthttps:/ Major Acquisitions7-Eleven acquired Speedway in 2020,gaining more than 4,000 storesEG Group acquired Minit Mart in 2018,gaining close to 1,000 stores

42、,as well as Cumberland Farms in 2019,gaining about 600 convenience storesConvenience Store M&A TransactionsConvenience Channel Store Count Has Experienced 2%Growth 2023 vs.2022Top M&A Deals of 2023 BP&TravelCenters of America merger 7-Eleven International LLC inks$1.1B acquisition deal Chevron to bu

43、y Hess in$53B deal Maverik completes acquisition of Kum&Go Loves Travel Stops completes acquisition of EZ GO Convenience StoresDeals in 2024 7-Eleven starts 2024 strong with a Sunoco acquisition Acquisition includes Stripes Convenience Stores and Laredo Taco Company Restaurants in West Texas,New Mex

44、ico,and OklahomaCircana,LLC|For public use2020Circana,LLC|For public useConsumers mentioned loyalty as an existing and future reason to shop the convenience channelSource:Circana,OmniConsumer Survey Solutions;Primary Grocery Shoppers in National Consumer Panel;November 2023 What Consumers Seek In Fu

45、ture C-Store ShoppingReasons Why Consumers Choose to Shop in C-Stores57%already there for gas23%loyalty rewards16%quicker checkout than grocery38%lower prices/better promotions25%loyalty discounts16%better product selections31%of surveyed consumers shop in c-stores at least once a week,with 14%going

46、 several times per weekCircana,LLC|For public use2121Kiosk use is on the riseSource:Circana,CREST,12ME October 20233.6%1.6%12 ME Oct 23Traffic Mix-%KioskC-StoresQSRKiosk use is more than twice as common at c-stores.Food-forward c-stores are leaders in kiosk adoption in the U.S.and have had a mix of

47、6%since 2018 Teens,high-income households,and Asian/Pacific Islanders over-index on usage of kiosks Kiosks are a good way to attract families who can take their time ordering together Kiosks,if done well,offer seamless integration with loyalty accounts Kiosks ability to change the display language o

48、ffers an easier ordering method for those who speak English as a second language Right now,kiosk ordering is best when offered alongside ordering with an employee some consumers still prefer human interaction and the extra attention 21Circana,LLC|For public useCircana,LLC|For public use2222Convenien

49、ce stores have embraced e-commerce and look to maintain positive momentum in 2024Source:Circana,TSV 13WE December 31,2023;https:/ Store|E-commerce|$Sales(B)and%ChangeE-commerce Trends Across the IndustryMany convenience stores are focusing on revamping their mobile platforms and delivery services,wh

50、ich underscores the increasing significance of online sales in the industry and emphasizes the necessity for retailers to prioritize e-commerce strategies to stay competitive.CY 2020CY 2021CY 2022CY 2023Q1 2023Q2 2023Q3 2023Q4 2023$150.2$168.3$188.2$211.6$48.6$52.2$52.0$58.9Dollar Sales%sales chg.vs

51、.YA+12.0%+11.8%+12.4%+10.2%+15.4%+13.9%+10.5%Han-Dee Hugos has partnered with Rovertown to introduce its inaugural mobile app.This strategic move reflects Han-Dee Hugos commitment to embracing digital technologies and enhancing the customer experience through mobile platforms.Dash In recently introd

52、uced its mobile app and loyalty program,with the goal of implementing them across its network by 2024.In just three weeks after their launch in August 2023,the loyalty program and mobile app attracted over 2,500 members.Walmart experienced a 24%YOY growth in online sales for its U.S.division and 15%

53、growth globally.Walmarts pickup and delivery services have played a significant role in driving growth and gaining market share among higher-income households,while also serving as the primary channel for acquiring Walmart+members.Circana,LLC|For public use2323Circana,LLC|For public useAs inflation

54、slowed in 2023,consumer sentiment improvedSources:U.S.Index of Consumer Sentiment,University of Michigans Consumer Sentiment Survey;CPI U.S.BLS;U.S.All Grades All Formulations Retail Gasoline Price;U.S.EIAFood prices increased 2.7%in December vs.YA.Food consumed outside of the home increased signifi

55、cantly,5.2%,in the same period,while food consumed at home increased modestly,1.3%.2.7%Consumer sentiment in the U.S.experienced a boost in December,surging by 13%from Novembers reading to reach 69.7,effectively eliminating four months of decline.This shift can be attributed to improved perceptions

56、of inflation,driven by lower gas prices.69.7 December Consumer Sentiment Index December 2023 Food Consumer Price IndexInflation Gasoline Price(Dollars/Gallon)8.38.69.18.58.38.27.77.16.56.46.05.04.94.13.03.23.73.73.23.13.44.24.55.04.64.03.83.93.73.33.43.53.53.73.63.63.73.93.93.93.93.70.01.02.03.04.05

57、.06.0Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23Circana,LLC|For public use2424Fundamental changes in mobility patterns are likely to impact convenience in 2024C-stores may have opportunity to bette

58、r cater to a higher-income,road-tripping consumer.Fundamental Shift in Mobility PatternsMany higher-income consumers are in a position of living and working from anywhere.While commuting miles are down,leisure travel is up.Mass transit utilization remains well below 2020,partly driven by a de-urbani

59、zation trend.Driving to a long weekend vacation destination,while continuing to meet work demands without taking time off,is the new normal.The U.S.Vehicle FleetSupply chain challenges led to suppressed new car inventory over the last few years,driving used car prices higher.While inventory levels h

60、ave improved,higher interest rates continue to suppress demand.The net effect is an aging U.S.car fleet with fewer vehicles covered by OEM warranties and dealership maintenance plans.While some continue to utilize the dealer for service,many others have shifted to DIY or aftermarket DIFM alternative

61、s.Recreational EquipmentThe pandemic helped drive demand for recreational equipment to record-setting levels.This includes boats,RVs,ATVs,side-by-sides,motorcycles,and others.DIY maintenance of this equipment and the vehicles needed to tow most of it continue to prevail.Watch-OutsWe expect continued

62、 financial pressure on lower-income households.This has traditionally led to combined trips and trade-downs across all product categories.Segmenting consumers by income levels may be beneficial to understand if higher income behavior changes are offsetting changes by a lower-income cohort.Circana,LL

63、C|For public use2525Circana,LLC|For public useCustomer trend outlook and actions for c-store retailersTrendOutlookActionsCircana Can HelpIn Q4 2023,QSR had an increase in YOY trips,which outperformed c-stores and was fueled by growth at coffee/tea quick service restaurants.The morning meal occasion

64、is likely to remain an important battleground in 2024,where c-stores have an opportunity to increase share.Understand which convenience and QSR retailers your customers are visiting in the morning,and which items are performing best in your competitive market.Use Circanas CREST data to detect key fo

65、odservice trends in your market and leverage findings to capture trips from QSR and other retail competitors.Price-per-unit growth decreased for c-stores in Q4 2023 as customers continued trading down to lower-priced products.Customers indicate that lower prices and better product selections would b

66、e key drivers in increasing trips to c-stores in the future.Determine how customer item selection in your market is changing and adjust assortment to better serve your shoppers.Utilize Circanas Inflation Monitor tool to identify categories that may benefit from assortment adjustments and pinpoint it

67、em trends.Convenience trips increased YOY in 2023 but did not keep pace with the rest of retail,where dollar channel YOY growth was the highest.It can be expected that the dollar channel will continue to be a significant competitor to c-stores in 2024 and beyond.Identify retailers and operators with

68、 highest share of wallet for your shoppers to better understand the full competitive landscape for your stores.Utilize Circanas Complete Consumer Receipt Panel to understand consumers purchasing and consumption trends across channels to win more shoppers and sales.Circana,LLC|For public use2626Circa

69、na,LLC|For public useCircana Solutions Learn more about how the solutions in this report can support your business.The most comprehensive source for monitoring consumer visits to commercial&non-commercial foodservice locations,for market share tracking across the total foodservice industry.Circana C

70、RESTAlwaysON Analytics Inflation MonitorThe only source that quickly decomposes average price to diagnose whether changes in average price are true inflation,mix shifts,or assortment.The largest census-based POS coverage of CPG core channelsMULO+Best-in-class item classification and on-1the-fly alig

71、nment to market measurement sales trends to understand omnichannel purchasing.Circana Receipt PanelCircana Survey SolutionsSurvey operates at the intersection of what people think and what they do,leveraging verified purchase behaviors and a comprehensive survey portfolio to better explain and antic

72、ipate peoples choices.26Circana,LLC|For public useCircana,LLC|For public use27Circana,LLC|For public use27Want to learn more?Circana can help.Plus,registered users get new thought leadership from Circanas research,data,and analytics experts.Scan the QR code to subscribe or email us at Circana,LLC|For public use28Thank you