C-Store resiliency throughout COVID
The average recovery for the c-stores was at an astounding
137.8%
C-Store recovery
We measured the foot traffic of several c-store chains relative to pre-covid visitation using mobile cellphone data in 63 stores across the Mid-Atlantic and five major brands, 7-Eleven, Circle K, Royal Farms, Wawa, and Sheetz.
Overall, c-stores saw a significant and rapid recovery in foot traffic since the beginning of the COVID-19 pandemic. This resilience, in part, was because they were deemed an essential service and remained open throughout the pandemic to provide a source of goods and services to consumers. Since those early post lockdown days, c-stores have continued to see solid – and even increasing – visitation levels due to a variety of factors.
Over this period, some c-stores closed which redistributed their patrons to existing, and often, better located options. In addition, c-stores began to adapt to shifting consumption patterns and have continued to evolve with some newer ones offering higher-quality prepared foods and even drive-throughs to better serve their customers.
Geo-fencing
What is it and how can it be leveraged?
In addition to the basic demographics available, a relatively new tool has come to the forefront that looks at the “mobility” of customers or shoppers in an area. Since almost everyone now carries their cell phones everywhere, it has become possible to identify where these cell phones and when they move. Using these “pings” from cell phones, it has become possible to assess the scale of visitation to a shopping center or even a specific retailer.
This new resource allows for the easy analysis of how shopper traffic has been trending (up or down) over time and even able to assess activity by day of the week. While this does not forecast sales or sales per square foot, it does clearly highlight how properties are trending over the long-term and if they are top sector performers by identifying if they are exceeding sector averages.
Utilizing this new resource will help make more accurate, real-time investment opportunity decisions – as well as identify properties that have strength beyond the current user if that tenant should vacate at the end of the lease.
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