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."
Cheddar News checks in to see what to look out for Next Week on the Street as former president Donald Trump makes an appearance in federal court after being indicted. Investors will also keep an eye on the Federal Reserve meeting to see what comes out of that while earnings continue to pour in.
Google will launch its long-delayed News Showcase product this summer.
Walmart is expanding its HIV treatments, planning to add over 80 specialty facilities across nearly a dozen states by the end of the year.
The Internal Revenue Service said there are about $1.5 billion in unclaimed tax refunds dating back to 2019.
General Motors will allow its electric vehicles to use Tesla charging stations across the country.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Modelo Especial is now the top-selling beer in the United States, dethroning Bud Light after 22 years. In May, sales of Modelo Especial hit $333 million. That's up 15.6 percent from the same period last year.
Electric vehicles made by General Motors will be able to use much of Tesla's extensive charging network beginning early next year. In addition, GM will adopt Tesla's connector, the plug that links an electric vehicle to a charging station.
The Supreme Court on Thursday gave whiskey maker Jack Daniel's reason to raise a glass, handing the company a new chance to win a trademark dispute with the makers of the Bad Spaniels dog toy.
Cheddar News checks in to see what to look for on The Day Ahead with Chinese EV-maker Nio due to release its report and Jurassic Park is celebrating the 30th anniversary of its release. Meanwhile, 'Transformers: Rise of the Beasts' debuts on Friday across the country.
