ALEXANDRIA, Va.—What spells success in the fuels industry? Surprisingly, “you don’t have to be the biggest players in the industry to be one of the more successful players,” said Keith Reid, editor-in-chief of Fuels Market News, on this week’s Convenience Matters podcast, “2020 Fuel Leaders.”
“If you look at the top 50 [of the inaugural 2020 Fuel Leaders report published by Fuels Market News and NACS and complied by OPIS], you see some of the companies that are the very largest in the industry, and you see some that have a couple of dozen sites at the most.”
The report tried to accomplish more than give a snapshot of the industry’s success stories. “We wanted to look at this locally and make sure that our rankings accounted for that,” said Brian Norris, executive director of retail fuels at OPIS. “The reality is that you don’t have to be big to be a really strong fuels operator, and this report really illustrates that.”
Overall, what both Reid and Norris found was that the companies in this report had the same basic winning strategies employed that bolstered their success. “I think it gets back to the idea that it’s up to individual operators knowing their market,” Reid said. “You see a nice distribution of companies that are successful with both of those models of either being the price leader or not worrying about price—and … there doesn’t seem to be one answer to any of that.”
Norris pointed out that “there does seem to be a correlation between really good foodservice and really high rankings with fuel. I think that speaks a lot to the different operators and knowing their customers […] It’s really important for them to understand their different markets and what their customers are looking for.”
Each week a new Convenience Matters episode is released. With more than 290 episodes to choose from, the podcast can be heard on Apple Podcasts, Spotify, Google Play and other podcast apps and YouTube and at www.conveniencematters.com. Episodes have been downloaded more than a quarter million times by listeners around the world.