Are you planning a long road trip? Well, now you can enjoy a unique experience at roadside service plazas while you wait for your electric vehicle to recharge. These upgraded truck stops are investing billions to keep up with changing consumer behavior, particularly the growing popularity of electric vehicles.
To accommodate longer stays, these travel centers are being redesigned with amenities such as charging stations, renovated restrooms and showers, quick-serve kitchens, full-service and fast-food restaurants, and even dog parks. The modern truck stop has come a long way from its gritty and seedy reputation of the past. Now, it resembles a mini-Walmart, offering not only energy drinks and coffee but also healthy snacks like sliced fruit and veggies. You’ll even find a variety of products like purses, puzzles, phone chargers, and birdhouses.
These changes are driven by the increasing number of electric vehicles on the road. Jim Hurless, a managing director in Dallas for real estate services firm CBRE, explains that truck stops are trying to attract electric car owners to spend more time inside their stores. By providing appealing amenities, these truck stops hope to differentiate themselves and serve the needs of electric vehicle consumers.
The popularity of electric vehicles is on the rise, with 577,000 vehicles sold in the United States in the first half of 2023, a 47 percent increase from the previous year. However, many owners still experience “range anxiety” and are reluctant to take long trips due to concerns about finding charging stations when needed. This presents challenges for truck stop operators who are working to establish a reliable and efficient charging network.
Congress has taken steps to address this issue with the passing of the Infrastructure Investment and Jobs Act in 2021. This legislation includes $5 billion in funding to support the installation of fast chargers along major highways. Truck stop operators are now petitioning states for grants to target locations along major interchanges that are at least 50 miles apart. This initiative aims to foster the development of a cross-country charging network.
Leading truck stop operators like Pilot, Love’s Travel Stops, and TravelCenters of America are investing heavily in store overhauls to meet the demands of electric vehicle owners. Pilot, for example, has started a $1 billion initiative to remodel and upgrade its travel centers, while Love’s is spending $1 billion to refresh its older stores. These investments focus on providing a consistent and enhanced customer experience for all travelers.
The evolution of truck stops mirrors trends in the convenience store industry, which has experienced increased traffic by offering fresh food, baked goods, and coffee options. Foot traffic at convenience stores in 2022 was significantly higher than in 2019, outpacing other retail categories. Investors are taking notice of these changes, with Berkshire Hathaway and BP increasing their ownership stakes in Pilot and TravelCenters of America, respectively.
BP plans to invest $1 billion in electric vehicle chargers across its U.S. retail businesses. This investment, along with the overhaul of truck stops and the creation of an e-commerce platform, aims to strengthen the company’s appeal to passenger traffic.
Truck stops are embracing the addition of electric vehicle chargers as a new opportunity, similar to other alternative fuels they offer. The National Association of Truck Stop Operators emphasizes that truck stops don’t care about the type of fuel consumers use, but they need to be able to make money from selling electricity to build a sustainable market.
So, if you’re planning a road trip with your electric vehicle, rest assured that truck stops are undergoing a transformative change to cater to your needs. Enjoy the amenities and unique experience they offer while you wait for your car to charge.
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