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Continuing Consolidation Puts More Stores in the Hands of the Biggest C-Store Chains

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Continuing Consolidation Puts More Stores in the Hands of the Biggest C-Store Chains Continuing consolidation puts more stores in the hands of the biggest c-store chains By Melissa Kress he latest numbers put the U.S. conve• consolidation movement that has gripped the c-store nience channel store count at nearly industry in recent years and seen the biggest chains 155,000. The majority of the stores are get even bigger. In fact, the top 10 chains account for owned by single-store operators, but the more of the Top 100 this year than they have in the chain retailers on the 2017 Convenience past five years. Store News Top 100 ranking hold a siz• But these numbers also raise a question: Is the con• ablTe amount as well: 63,368 stores to be exact — a venience channel getting too top heavy? number that has grown incrementally over the past Industry merger and acquisition (M&A) experts say five years. no — at least, for now. Things get interesting when you fine-tune the micro• "The convenience store industry could become scope and realize that the top 10 chains, led by 7-Eleven more top heavy. But too top heavy now? No, I don't Inc., account for a whopping 40,725 of those stores. think so," said Ken Shriber, managing director of The top 10, which also includes Alimentation Couche- Petroleum Equity Group in New York. Tard Inc., Shell Oil Co., Marathon Petroleum Corp. and The size of the overall convenience channel cur• Chevron Corp., controls 64.3 percent of the Top 100 rently helps balance out the industry. store count and 26.3 percent of the total U.S. c-store "I think what keeps the top chains honest is that industry store count. Just five years ago, the top 10 there are about 155,000 convenience stores, so they chains accounted for 35,292 stores, equating to 58.9 cannot really control the market," said John Flippen, percent of the Top 100 and 23.7 percent of the industry. managing director of Petroleum Capital & Real Estate These staggering numbers are proof-positive of the LLC. "Where the issue will come is when they start to control the market." THE TOP 10 CHAINS: Consolidation in Action Major oil companies used to control certain sec• TOP 10 TOTAL U.S. STORE COUNT % OF INDUSTRY % OF TOP 100 tions of the market. Their exit has opened up avenues 2017 40,725 26.3% 64.3% for growth among all the top chains. "They are basi• 2016 38,541 24.9% 63.1% cally trying to replace the major oil companies," 2015 42,396 27.7% 63.7% Flippen explained. 2014 36,827 24.3% 60.7% And the consolidation trend is expected to continue. 2013 35,292 23.7% 58.9% Though, according to Shriber, the acquisition sizes Source: Convenience Stole News Market Research, 2017 might be smaller going forward. "You generally don't 28 Convenience Store News | JULY 2017 | WWW.CSNEWS.COM have those 100-, 200-, 500-store chains anymore, with "Is there room for other players to come in? One some exceptions," he explained. "But there are still hundred percent," Shriber said. "We are currently portfolios in the 10- to 50-site range that will still be working on deals with relatively new entrants to the attractive and will continue to trade." industry, and in some cases brand-new, who have While the larger entities have access never owned a chain of retail gas sta• to more, and cheaper, capital and are tions before." able to purchase assets readily, the 63,368 The convenience channel continues door is open for other retailers to The number of U.S. convenience to be an attractive market. Demand move up the ranks, Flippen observed. stores in operation by the Top in the convenience and gas industry 100 chains "There are a few chains that can is stable, with 268 million passen• break into the Top 100. We work 40,725 ger vehicles on the road. The c-store with clients that may only have 20, The number of U.S. convenience industry is also benefiting from the 25 or 50 stores, but they really want stores in operation by the Top slowdown in other retail channels. to grow their businesses and they 10 chains "This [convenience and gas] space will be more aggressive in buying is an area where I have seen more assets — moving them into the Top 40.9% interest from non-traditional players 100," he said. The percentage of total U.S. because, from a real estate standpoint, c-store industry stores controlled "I also think those that are in the you have a lot of companies that have by the Top 100 chains Top 100 may not continue to operate been in the traditional shopping mall their assets forever. There are a lot of 26.3% and strip center space. Retail play• third generation run-businesses that The percentage of total U.S. ers that fill these storefronts continue don't have someone to take over," c-store industry stores controlled to fold or close dozens of locations," Flippen added. by the Top 10 chains Shriber said, pointing to companies "You will find other companies like Sports Authority, Payless Shoes, merging and doing deals, and they Radio Shack and Eastern Outfitters. will get into the Top 100," he said, noting not all sales "With no other retailers readily to fill the void, you will go to the larger, quasi-publicly traded entities. have real estate companies that are interested in other There is room for brand-new players to crack into retail spaces." the c-store industry, too. Consolidation in the industry may be making WWW.CSNEWS.COM | JULY 2017 | Convenience Store News 29 CSNEWS TOP 100 Cover Story c-stores more appealing to consumers as well. try's longest-running accounting of the largest con• "In some ways, they may be positively impacted venience store chains by store count. The annual because they are able to see more of a consistent prod• report is compiled in partnership with TDLinx, a uct offering, more of a consistent image," Flippen said. service of Nielsen. TDLinx defines a convenience "I think one of the reasons why we are seeing more store as a small-format store of at least 800 square consumers going to convenience stores is because they feet; with 500 to 1,500 SKUs; that operates at least are not concerned about going to some stores that they 13 hours a day; and carries a limited selection of may have been a little worried about [in the past]." grocery items, including at least two of the follow• ing: toilet paper, soap, disposable diapers, pet food, METHODOLOGY breakfast cereal, tuna fish, toothpaste, ketchup and The Convenience Store News Top 100 is the indus• canned goods. TOP 100 2017 2016 Annual ACV* Total U.S. Company- Franchise/Licensee Primary Rank Rank Company, City, State ($000) Store Count Operated Stores Stores Store Names 1 1 7-Eleven Inc., Irving, Texas $27,209,832 8,391 1,604 6,787 7-Eleven,Tedeschi Food Shop, White Hen Pantry 2 2 Alimentation Couche-Tard Inc., $23,022,584 5,333 4,713 620 Circle K, Dairy Mart, Gas Express, Kangaroo Laval, Quebec, Canada1 Express, Petro Express, Quick Stop 3 3 Shell Oil/Motiva Enterprises LLC, Houston $12,221,872 4,670 14 4,656 Shell 4 8 Marathon Petroleum Corp., Findlay, Ohio $16,940,820 4,363 2,712 1,651 Marathon, Rich Oil, Speedway 5 4 Chevron Corp., San Ramon, Calif. $24,668,176 3,816 302 3,514 Chevron, Chevron ExtraMile, Texaco 6 5 BP North America, Houston $13,575,120 3,682 0 3,682 Amoco, ampm, Arco, Arco Thrifty, BP, BP Connect, BP Shop 7 6 Exxon Mobil Corp., Irving, Texas $8,911,708 3,379 0 3,379 Exxon, Exxon On The Run, Exxon Tiger Mart, Mobil, Mobil Mart, Mobil On The Run 8 7 Sunoco LP, Dallas $18,012,020 3,007 1,309 1,698 APIus, Aloha Island Mart, Coastal, Menehune Food Mart, Sac-N-Pac, Stripes, Sunoco, Tiger Market 9 12 CST Brands Inc., San Antonio2 $10,040,160 2,115 1,219 896 Corner Store, Flash Foods, Nice N Easy Grocery Shoppe 10 9 Casey's General Stores Inc., Ankeny, Iowa $7,467,720 1,969 1,969 0 Casey's General Store 11 10 CITG0 Petroleum Corp., Houston $3,566,784 1,477 0 1,477 CITG0 12 13 Phillips 66, Houston $3,301,792 1,194 0 1,194 76, Phillips 66, Conoco 13 21 Cumberland Farms Inc., Westborough, Mass. $6,201,000 943 566 377 Cumberland Farms 14 17 GPM Investments LLC, Richmond, Va. $2,317,900 942 941 1 Admiral Petroleum, Apple Market, Breadbox, FasMart, Jiffi Stop, Li'l Cricket, Next Door Store, Roadrunner Market, Scotchman, Shore Stop, Village Pantry, Young's 15 14 The Kroger Co., Cincinnati $5,444,660 795 795 0 Kwik Shop, Tom Thumb, Turkey Hill Minit Mart, Loaf 'N Jug, Quik Stop, Kroger Express 16 16 Wawa Inc., Media, Pa. $9,141,080 756 756 0 Wawa 17 15 QuikTrip Corp., Tulsa, Okla. $9,367,800 754 754 0 QuikTrip 18 19 RaceTrac Petroleum Inc., Atlanta $5,584,280 720 444 276 RaceTrac, RaceWay 19 18 Military, Arlington, Va. $4,138,836 680 680 0 Coast Guard Mini Mart, Marine Coips Shoppette, NEXC0M Mini Mart, Shoppette, Troop Store 20 20 Pilot Flying J, Knoxville, Tenn. $2,731,300 660 633 27 Flying J, Mr. Fuel, Pilot Food Mart, Pilot Travel Center 21 23 Sheetz Inc., Altoona, Pa.
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