Historically low fuel costs, driven in part by coronavirus-related shutdowns, have been an unexpected benefit for GPM Investments in 2020, just as the seventh-largest convenience store chain in the U.S. prepares to go public.
"We actually like low prices of fuel," GPM Investments CEO Arie Kotler told Cheddar. "As you can imagine, low prices of fuel leave a lot of money in the consumer's pocket, which enables those consumers to come into the stores and purchase more product. We saw a very nice increase basically in our same-store sales because of that."
Consumer patterns have shifted during the pandemic, he added, from big-box to "small-box" stores.
GPM is in the process of acquiring wholesale fuel and retail chain Empire Petroleum, which would bring its total value to $2 billion and make it the country's sixth-largest convenience store chain.
In addition, GPM is set to go public via a special purpose acquisition company called Haymaker.
"Given the current environment, the company’s resilient business model is particularly relevant, the inherent growth drivers extremely compelling, and their disciplined execution commendable," Steven Heyer, CEO and executive chairman of Haymaker, said in a statement.
While the company is a wholesaler of fuel, low oil prices still serve its bottom line.
"We are buying directly from the refiners and selling to the consumers," Kotler said. "As a matter of fact, we like oil prices to be low, to be honest. It's actually helping us tremendously."
Resale platforms do big business – and Mercari just became the first in the U.S. to eliminate all fees for sellers and completely changed how returns work on its platform.
e.l.f.’s affordable price point and makeup and skincare options made it a social media darling – and the company’s CEO says the company even gets product ideas from its audience.
Nearly 40% of Americans choose travel over financial stability, funding trips on credit and sacrificing other budget line items to take a vacation — because live fast or die trying.
Disney shareholders have rallied behind longtime CEO Robert Iger. They voted Wednesday to rebuff activist investor Nelson Peltz and his ally, former Disney chief financial officer Jay Rasulo.
Student loan borrowers have the ability to earn retirement funds pegged to their payments – and the company Summer might be bringing it to your workplace.
It might not be what investors want to hear… but bringing down inflation could mean interest rates stay higher for (even) longer. But it's not all downside.
