64 • September | October 2026 • abasto.com BY VIOLETA MONTES DE OCA T he National Grocers Associa- tion (NGA) and FMS Solutions (FMS) have released the 2026 U.S. Independent Grocers Financial Study, revealing how independent operators leveraged value-focused strategies, operational discipline, and technology to maintain profita- bility through fiscal year 2025. Strategic Resilience in a Challenging Market As the definitive financial bench- marking resource for the indepen- dent retail sector, the annual report highlights that grocers successfully navigated cautious consumer spen- ding, rising household debt, and broader economic uncertainty by doubling down on efficiency and cus- tomer-centric value propositions. New Study Highlights Independent Grocers Value Strategies Key Findings Financial performance remained resilient despite modest top-line growth. Total store gross margin increased from 27.4% to 27.9% year over year. Same-store sales grew 0.4%, modest but positive against intense competition for value-cons- cious consumers. Operators achie- ved these results through careful cost management, promotional exe- cution, inventory management and operational efficiency. Shoppers changed how and how much they spent . Grocery inflation moderated compared with previous years, but consumers continued fee- ling the cumulative effects of several years of higher food prices. Shoppers made more frequent trips while buying fewer items per visit, lea- ning heavily on promotions, private brands and value-focused strategies. Independent grocers responded with stronger loyalty initiatives, digital engagement and a continued empha- sis on fresh foods. Operational execution was a mixed picture. Out-of-stock levels improved, falling to 6.6%, and who- lesaler service levels remained above 90%. However, total store inventory turns declined from 17.8 to 16.1, and shrink rose to 3.9% of sales, areas the study identifies as priorities for operators focused on closing the performance gap with industry lea- ders. Labor remained the industry’s most persistent challenge. Sto- re-level employee turnover averaged 44% in fiscal year 2025. Rising wages and benefit costs increased pressure across the industry, and only half of independent grocers have imple- mented self-checkout. When consu- mers become more price-conscious, food-at-home spending typically proves more resilient than restaurant spending, positioning well-run inde- pendents to earn long-term shopper loyalty. Profit leaders separated them- selves through operational dis- cipline. Top-performing operators • FOOD INDUSTRY