US retailers can help EV adoption by adding more charging stations to parking lots

NEW YORK: US retailers can drive wider adoption of electric vehicles across the country by installing more charging stations in parking lots, a move that could also add to their revenue, according to a study published by Consumer Reports on Wednesday.

Out of 270,000 store locations across major retail categories, EV charging was available on average at one out of every 14 big box store locations, one out of every 15 grocery stores, and one out of every 40 department stores, the study, opens new tab showed.

The report cited independent data that showed installing EV chargers could be a way for retailers to increase foot traffic by an average of 4% and revenue by 5%.

The non-profit consumer group also said that a significant number of retail locations across the United States are eligible for federal benefits that would save nearly 30%, or US$100,000, on installation costs.

Currently, there is no retail location where all parking spots are equipped with an EV charger, the report said.

A lack of confidence in charging infrastructure has slowed down the adoption of EVs as consumers face "range anxiety" and charging station penetration remains inconsistent across states.

Retailers with vast parking lots could help overcome this shortage by adding an EV charger to each parking spot, the study said.