NACS recently released some interesting 2015 facts on new store builds and renovations in the convenience store industry.
The average cost of a store remodel was $409,582 with store remodeling taking place every 10 years.
The cost to build a new rural convenience store was $4.36 million. Rural lots average 80,052 square feet with 4,938 square feet of retail.
The cost to build a new urban convenience store was $4.87 million. Urban lots average 71,525 square feet with 4,594 square feet of retail.
The cost of the building itself was 37% of the cost of a new store build. Equipment costs (for foodservice, motor fuel and technology, in particular) were also 37% of overall costs. The remainder of the costs were for land (22%) and inventory (4%).
NACS Vice President of Strategic Industry Initiatives Jeff Lenard said “Convenience stores don’t just serve communities—they invest in them. With this large investment, they have a stake in the community’s success and seek to enhance it.” Stores continue to invest in new services and foodservice programs.
Source: NACS online
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