PepsiCo warns convenience store snack sales are slipping as gas prices stay high

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PepsiCo CEO Ramon Laguarta warned that rising gas prices are causing U.S. consumers to cut back on impulse snack purchases at convenience stores, signaling trouble for chains like 7-Eleven. During the company's second-quarter earnings call, Laguarta said certain impulse channels are seeing a slowdown in converting traffic into purchases, a trend he linked directly to the cost of fuel. The national average for a gallon of regular gasoline hit $3.94 on July 16, up 10 cents in a week, and has remained above the $3.50 threshold that historically triggers a decline in restaurant traffic, according to Black Box Intelligence. PepsiCo is working with retail partners on bundles and meal deals to boost purchase incidence, but the challenge persists because foodservice items like prepared meals and dispensed beverages are critical profit drivers for convenience stores, accounting for 38.9% of in-store gross profit dollars in 2025, according to the National Association of Convenience Stores.