With operating costs soaring in a sluggish economy, convenience store owners have a variety of tax benefits available to them from the IRS. By Mark E. Battersby, Contributing Editor. Earlier this year, the Internal Revenue Service advised taxpayers to cool their heels and wait until mid- to late-February 2011 before filing their returns to allow…
SymphonyIRI Examines Consumer Gas Price Woes
Shoppers battered by the recession are much less willing to absorb high gas prices and increasing store prices. Just as the CPG industry was beginning to show signs of growth, a new hurdle emerged: rising gas prices. With national gas prices 40% higher on average today than a year ago, many shoppers are having difficulty…
Beer Industry Contributes $223.8 Billion to U.S. Economy
“Our industry continues to play an integral role in providing jobs and revenue necessary to heal our recovering economy,” says Beer Institute president. A new Economic Impact study conducted by the Beer Institute and the National Beer Wholesalers Association (NBWA) shows America’s beer industry—made up of brewers, beer importers, beer distributors, brewer suppliers and retailers—directly…
Job Outlook Picks Up in 2011
Economists are raising their forecasts for employment growth in 2011, as various job readings are suggesting that the long-awaited hiring boom is arriving or is just around the corner, CNN reported. “It’s about time,” economist Robert Brusca of FAO Economics told CNN. This Friday, the monthly employment report from the Department of Labor, will give…
Gas Prices Grow
Gas prices have soared to the highest price of the year, topping $3 a gallon, The Citizens’ Voice reported. For the first time since Oct. 2008, gas prices have risen to an average of $3.05 a gallon in the Wilkes-Barre/Scranton, Pa. area, according to AAA Mid-Atlantic. The national average price of self-serve regular gas sits…
Higher Crude Costs Drive Uptrend in Gasoline Prices
By Brian L. Milne, Refined Fuels Editor, Telvent DTN The U.S. average retail price for regular grade gasoline dipped 1.6 cents from a six-month high to $2.876 gallon just ahead of the Thanksgiving holiday, but are again seen moving up with an early week rally in wholesale values. Gasoline prices typically decline this time of…
Gas City Files for Bankruptcy
Frankfort, Ill.-based Gas City Ltd., a chain of independent gas stations founded and owned by William McEnery, filed for Chapter 11 bankruptcy protection late Tuesday, Crain’s Chicago Business reported. Founded in 1966, Gas City includes 51 gas stations located mainly in the south suburbs of Chicago, but also in Indiana, Arizona and Florida, and listed…
Mintel Predicts Consumer Trends
As the economy slowing recovers, customers are still adapting. With that in mind, Mintel has predicted nine key consumer trends for the year ahead, examining how long term behavior has been implicated. In 2011, consumers are living for the long term with attitudes inspired by a changed value set. “The effects of the global economic…
Shrink Decreases 6.8% in U.S
Global retail theft totaled $107.3 billion in 2010, representing a 5.6% decrease from the prior year (6.8% in the U.S.), according to the fourth annual edition of the Global Retail Theft Barometer. Click here to view the entire study. The study, sponsored by an independent grant from Checkpoint Systems, monitored the costs of shrink (loss…
Shell Educates Customers Through Gas Giveaway Promotion
Shell is continuing its efforts to educate consumers about the benefits of using high quality gasolines in their vehicles by giving away thousands of gallons of Shell Nitrogen Enriched Gasolines to drivers coast-to-coast today, Friday, Oct. 15. To ensure consumers have a firsthand opportunity to learn about and try Shell Nitrogen Enriched Gasolines for themselves,…