Proud to be a Member
WEnd is excited to announce that we are active members of the following organizations:
Business owners and managers will certainly agree on one point—the number of challenges for the convenience store and fueling industry continues to make achieving profitability increasingly difficult. While businesses are adapting to changes in consumer demand for alternative fuels, the past year’s pandemic conditions forced us all to buckle down and alter our practices to grab ahold of a shrinking amount of fuel and c-store revenue.
All in all, the industry has held up pretty well. According to IBIS World, there are about 61,107 gas stations operating in the U.S. currently with the top 3 states being Texas (9,675), California (6,254), and Florida (5,778). The number of stores grew .8% last year, and revenues in the $344 billion dollar industry increased by 2.1%. Not bad since the U.S. Department of Transportation reported that miles driven on roads and streets decreased by just over 13% from 2019 to 2020.
Because other businesses aren’t. When revenues decline and obstacles increase, many small to medium-size business owners struggle to create enough cash flow to survive. Rather than moving forward on dreams to grow, these owners are considering selling some or all of their business and transitioning to other forms of income generation. In fact, even some large businesses like Marathon Petroleum Corporation are selling off parts of their existing infrastructure. In August, MPC announced a $21 billion deal to sell its 3,900-store Speedway chain to Irving—the parent company of 7-Eleven.
When the economy tightens up, fewer people expanding their businesses means:
In some ways, operating your business is like playing the stock market. The best time to buy stock or grow your portfolio of investments is when prices are low. When the market takes a dive, that’s the time to buy stock. When the market is booming at record highs, that’s the best time to sell off your investments and retire with a big profit. Expanding your footprint and growing your business now can pay off enormously down the road.
Taking advantage of a down market and expanding your business is easier than you think. At WEnd Consulting, we have a proven 5 Phase approach for site selection that can get you started off right. We can assist you with discovery, identifying and analyzing sites, negotiations for single or multi-parcel properties, selecting and implementing vendors, and launching your new location. Why wait another day? Contact us and let’s talk about making your business more profitable in 2021. Or check to see if we have an upcoming FREE webinar on Site Selection here.