Convenience retailers have been scrutinized for much of 2022 amid record-high fuel prices. Thanks to outreach efforts by NACS and other groups, most consumers and industry stakeholders seem to understand that retailers are generally not to blame for the price of gasoline.

What’s not as clear, though, is an understanding of how the inflationary environment has affected the convenience industry.

Convenience retailers have, in fact, been hit by both sides of inflation—trips to the inside of the store declined significantly in the first six months of the year, likely due to high fuel prices, and operating expenses grew at an alarming rate during that same timeframe. The two main expenses for retailers are wages and benefits and credit card fees. In January to June 2022, wages and benefits expenses grew 13.0% versus the same period in 2021 and 30.3% compared with 2018. Card fees eclipsed that, increasing 28.9% over 2021 and 36.4% over 2018’s figure for the same period. Total direct store operating expenses rose 15.8% compared with 2021 and 30.0% compared with 2018.

It’s easy to assume that retailers are raking it in, but most are feeling the squeeze of higher expenses more than ever before. Consider that on average, each retailer is paying about $8,000 more in operating expenses per store per month than they were in 2021 and $13,000 more per store per month than 2018.