Despite a background of Covid-19, lockdowns and the ‘fuel shortage’ crisis, forecourt retailers managed the situations well and remained resilient.
We sponsored the Top 50 Indies Dinner for another year at The Belfry in Birmingham – An event where the top 50 forecourt owners meet annually to discuss the future of your local and national forecourts. It was an opportunity to network with the decision makers and owners of forecourts, oil companies and other valued suppliers.
The full report can be found here - The list revealed that another year of disruption thanks to Covid restrictions and fuel shortages did not dampen the appetite for expansion and development. Site numbers grew by nearly four per cent to 2,511 (up from 2,417 last year), meaning almost 30% - or one in three – forecourt sites are owned by the Top 50 retailers.
Over the past 12 months there was a decrease in fuel sales, but this was held up by an increase in retail sales. Additionally investment within forecourts has increased, this was a strong topic of conversation with potential clients. We were shocked that they hadn’t updated their insurance accordingly! An expansion of the retail building will require an increase in buildings insurance, stock cover, and public liability cover amongst other indemnities.
Christie & Co reported there is an “insatiable appetite” for buying forecourts. This with the the shortage of sellers has thrust forecourt owners and operators to increase investment with car washes being the fastest growing profit driver. Electric Vehicle charging points are another scope for investment to attract customers to spend their cash in the retail shop and surrounding businesses. Some retailers we spoke with have begun installing charging points while others have it lower in their priorities with a ‘wait and see’ approach.
Overall, the event was a success for us – We learnt a great deal by speaking with the decision makers from both suppliers and forecourt owners.
We insurer forecourt owners and operators – that’s everything from the underground fuel to the biscuits in the store, and the liability insurance. To find out more about our bespoke forecourt insurance packages please contact a Forum Insurance account executive or email info@foruminsurance.com. You can also find out more about our petrol station insurance.
We have a dedicated website - www.petrolstationinsurance.com with more information.
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