The convenience store industry grew by 17% from 2016 to 2025, and much of that growth came from small to mid-sized businesses. These stores provide essential goods and services to people who are too busy to stop by a real grocery store. They are located in suburbs, rural areas, and small towns and serve as a vital link between those communities and the outside world. This is what makes them different from your average quick-serve restaurant or gas station.
The Rise In Popularity
According to the 2019 Convenience Store Annual Review, published by the NPD group, a global market research firm, the store type experienced its highest level of retail store sales in 20 years, with Americans spending more than ever before on everyday essentials.
In 2022 alone, Americans spent more than $13 billion on convenience store products, a 12% increase from the previous year. This reflects a trend towards convenience stores across all demographics, with people spending more time online and less time in shopping centers, where traditional supermarkets often offer a wider range of products and have lower prices.
Expanding Globally
The global economy is growing at a brisk pace, and new opportunities arise as companies look to expand abroad. Today, many businesses take advantage of emerging markets such as China and India to gain a foothold in the global economy. If you are passionate about expanding your business internationally, consider a convenience store brand that can provide local knowledge and support in multiple global markets.
A Necessity
If you run a convenience store in a suburban area where the population is highly transient, you can be sure that people will have plenty of demands and needs that your store can meet. This includes products for daily use, such as milk, bread, and toilet paper, as well as things that they might not even think to ask for, such as gum, band-aids, and cat food. The need for these products might not be immediate, but it will be there when they are running low or missing.
For years, supermarkets and other big-box stores have had a stranglehold on the grocery industry, but that is slowly beginning to change. As people seek convenience and value for their dollar, small independent grocers are leading the way by providing quality foods at affordable prices.
The Future
With the right strategy and mindset, you can own a Speedway Convenience Store and enjoy a profitable and successful business venture.
Whether you are new to the industry or have been running a store for some time, this is a definitive guide to taking your business global, providing you with the information and expert advice you need to get started.