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."
AEVEX CEO Roger Wells joins to discuss the company's IPO and what it means for the future of autonomous defense systems in an era of rapid military innovation.
What does AI actually mean for the US economy? Andrew Husby of BNP Paribas breaks down the macro signals, risks, and opportunities hiding in plain sight.
Dominick Passanante of Panasonic Connect breaks down the innovations behind TOUGHBOOK and why rugged tech is more relevant than ever in today's mobile workforce
Voya Financial CEO Heather Lavallee marks 10 years of Voya Cares, spotlighting research and expanding financial access for Americans with disabilities.
When Treasury Secretary Scott Bessent (above) and Fed chair Jay Powell jointly summon America’s top bankers to a meeting in Washington, you know it’s big.
Kim Crawford Goodman, CEO of Smarsh, breaks down how financial firms are scaling AI while managing compliance, risk, and regulation in a changing landscape.
