Analysis of c-store trends yields mixed results; Three factors that could explai

Research evidence excerpt

Analysis of c-store trends yields mixed results; Three factors that could explai

Consumer | Global Beverages

June 08, 2026

Robert Ottenstein Greg Porter JD Todd

212-653-9020 212-653-9042 212-812-2912

Robert.Ottenstein@evercoreisi.com Greg.Porter@evercoreisi.com JD.Todd@evercoreisi.com

Analysis of c-store trends yields mixed results; Three factors that could explain

recent trends

As gas prices remain elevated, up ~34% YoY nationally according to AAA, we analyzed Circana YoY

volume performance for Energy, Beer, CSDs, and Sports Drinks across channels to look for potential signs

of a pinched consumer. Our data shows Convenience underperforming All Channels ex-Convenience in

three of four measured categories, with the underperformance in CSDs and Sports Drinks also to a greater

extent than the historical average. We believe recent pressure on Convenience is the result of 3 factors:

▪ Gas prices: Convenience performance is negatively impacted by higher gas prices as consumers

attempt to limit trips to the pump to refill gas tanks and minimize travel, hurting the immediate

consumption occasion critical to c-stores

▪ Value-seeking behavior: From our conversations with industry contacts, we’ve heard that

consumers are shifting spend away from c-stores and other higher priced channels to channels that

offer more value, including Club and Dollar. For example, a 20oz Coca-Cola PET costs $2.59 at 7-

Eleven vs. ~$2 for a single and less than $1/bottle for larger multipacks at Sam’s Club

▪ Poor weather: Also impacts c-store traffic, with NOAA noting precipitation in April was slightly above

the 20th-century average. The West, Northwest, Midwest, and Great Lake regions all received

above-average precipitation, with the Upper Midwest recording its wettest April on record at 2x the