“Hi, my name is Austin. I’m a gas station owner in New York, experiencing a decline in business. The fuel pumps of my competitors are doing great and enjoying higher customer retention. I guess the landscape for gas stations has changed quite a lot, and I’ve been unable to keep up. Can you tell me about some emerging trends in the gas station industry in 2020 that I can follow to improve the performance of my gas station? Thank you.” Continue reading
In the United States, consumer services carry out fuel dispenser inspections at gas stations to ensure they meet regulatory requirements.
Are you prepared for your fuel dispensers to be inspected? Well, you definitely should be ready to ensure compliance and avoid costly fines and penalties. Continue reading
Are you experiencing a decline in the profitability of your gas station?
The economic uncertainty, fluctuating fuel prices, and the lockdown have presented a myriad of challenges for fuel station owners to run their business effectively. Continue reading
Do you want to invest in gas stations and convenience stores?
Before jumping in the 413bn dollar industry, you are likely to do your homework. While most professionals will offer optimistic views about investing in gas stations and convenience stores, some might try to discourage you, and it might not be their fault.
Gas stations are a highly competitive and low-margin business. True! But if you play your cards right, it can earn you a substantial amount of returns on investment and provide to be a worthwhile investment. Here’s all you need to know:
Are Gas Stations with Convenience Stores a Worthwhile Investment in 2020?
Gas stations with convenience stores remain one of the profitable investments in 2020. Of course, you didn’t come here to get a one-word answer and would like to learn the reasoning behind our conclusion.
For starters, gasoline vehicles aren’t going anywhere, at least not in the foreseeable future. While electric vehicles have come a long way, they are not quite there yet to replace the gas-powered automobile industry. So, the demand is still there.
Moreover, most car owners prefer going to fuel pumps to purchase different kinds of equipment, supplies, and car maintenance, because it’s faster, cheaper, and more convenient for them.
In addition to that, a convenience store can also generate a high amount of revenues once you develop a regular customer base. All you need to do is stock high in-demand products, promote your store, and sell a variety of unique items to earn sizeable profits.
What’s more?
It’s crucial to understand that gas stations changes when a new owner takes charge. The historical data somehow shows past performance, but it can’t be used to create projections for the future accurately.
For instance, you can buy a gas station and perform renovation, say change canopy, optimize signage, revamp convenience store, and employ other tactics to attract more customers to a gas station and convenience store, which will increase sales revenue and maximize profitability.
The location also plays a significant part in the success of your gas station. So, make sure you pick the right place to ensure you can employ business strategies to bring more customers to your facility.
While the low demand for gas and decline in oil prices did affect the profitability of many gas stations, they manage to stay afloat. Moreover, the profits from convenience stores allowed many gas stations to offset their losses.
Once the COVID-19 pandemic will be over, the demand for gas will restore to normal levels, perhaps even higher. Therefore, if you’re getting a good deal on a gas station at a good location, you should seal the deal to create a profitable revenue stream.
If you’re interested in buying gas station equipment and supplies, get in touch with us today! At John W. Kennedy Company, we offer an extensive range of petroleum equipment and supplies at competitive rates. We have served the gas stations and convenience stores in the United States since 1930. Visit our online store to browse our products.
Running a gas station isn’t a straightforward task. From managing fuel operations to fulfilling customers’ expectations, several factors must be considered to ensure consistent revenues and profitability. Continue reading
The clock is ticking. The EMV deadline at the pump is October 2020, which means gas stations have less than six months to comply with the EMV standard. Fuel stations that don’t become compliant will assume liability for payment card fraud that takes place at their facility. Continue reading