Boosting Revenue with EV Charging Stations: A Win for Retailers

How EV Charging Stations Increase Retail Revenue

The article “Retailers Finally See EV Charging Pay Off” discusses how the commercial real estate (CRE) industry, particularly retail and multifamily sectors, is benefiting from the installation of electric vehicle (EV) chargers. Key points include:

Increased Traffic and Revenue: EV chargers are boosting margins by attracting more traffic and generating charging revenue.
Investment Challenges: Installing EV chargers involves significant costs, including installation, power supplies, and increased insurance risks.
Long-Term Benefits: Despite the initial challenges, the investment in EV chargers is starting to pay off for retailers.

The article highlights the growing importance of EV chargers in the CRE industry and their positive impact on business margins

Also note that EV charging stations installed at Kohls are now branded Shell (November 2024)

Excerpt:

One study, revised in September 2023, from Yash Babar of the University of Wisconsin Madison and Gordon Burtch from Boston University estimated a 4% increase in monthly visits to retailers within 150 meters of a newly installed Tesla Supercharger. Monthly consumer spending increased by about 5%. The effect is heightened when the charger is one of the first to appear in a county.

A study in Nature Communications looked at the broader economic impact of 4000 EV charging stations on 140,000 businesses in California. One charger increases annual spending at a nearby establishment by 1.4%, or $1,478 in 2019 and 0.8%, or $404, from January 21 to June 2023. When the establishment is within 100 meters of a charger, the increases were 2.7% in 2019 and 3.2% in the second period. The public charging stations “tend to attract higher-income, exploratory visitors, and local residents.” The stations also “notably enhance businesses in underprivileged areas.”

More EV Charging Stations Revenue

More EV In the News

XLR8America.Net to Install 30,000 New EV Chargers by 2027 With Focus on Partnerships — SAN DIEGO–(BUSINESS WIRE)–XLR8America.Net is committed to install 30,000 EV charging ports across the United States by 2027. XLR8 America is impacting the EV charging landscape by creating strategic partnerships with industry leaders, including Atom Power, DG Matrix, Kennedy Power Systems, EVoke Systems, Mavericks Microgrids, and more.
Convenient EV Fast Charging: EVgo Partners with Meijer. The collaboration aims to bring up to 480 new fast-charging stalls to Meijer locations across Michigan, Illinois, Wisconsin, Indiana, Ohio and Kentucky, https://evmagazine.com/charging-and-infrastructure/convenient-ev-fast-charging-evgo-partners-with-meijer

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