Fuel sales declining across industry so shop sales only growth part of business but even that under pressure.
I think BP would be the clear leader in shop sales because of their cafe an coffee offering , mobil tried it and have backed away except for the coffee which is comparable to bp offering , shell and caltex dont have the same offerings as far as coffee an cafe type offerings.
So maybe shell have room to grow coffee sales but they would need to invest in better coffee machines over say 100 high margin stores at 20k a coffee machine thats a 2mil investment so not cheap.
And with the fast food chains offering cheap under $5 deals how many people buy pies now? super markets opening in every subburb competition is fierce for the retail dollar
I go with previous posters it a income story only and if the market stays as a cosy 4 some income should be steady ( as ceo say going for market share would never work in this market as all players have deep pockets)