Casey's Keeps Up Rapid Pace in New Store Openings
ANKENY, Iowa — With an ambitious plan to add 350 new convenience stores to its network by 2023, Casey's General Stores Inc. is maintaining a steady pace of expansion through both new builds and acquisitions.
"Our target coming into this fiscal year was to build 60 stores and acquire approximately 25 additional stores," CEO Darren Rebelez said during the company's third-quarter fiscal year 2020 earnings call, held March 10. "Through the third quarter, we have opened 50 new stores, acquired 10 stores, and have 11 additional stores under agreement to purchase."
Currently, Casey's has 88 sites in its pipeline, including 15 under construction. This "positions us well for future growth," Rebelez noted.
Casey's expects to meet its new store opening target by the end of this fiscal year. However, the retailer anticipates it will "fall slightly short" of its acquisition target due to timing considerations that are common in this area, the CEO reported.
"We believe we have a strong opportunity to accelerate our acquisition activity as we start up our dedicated M&A team as part of our new long-term strategic plan," he said.
The convenience store retailer unveiled its unit growth strategy during its Investor Day on Jan. 9, as Convenience Store News previously reported.
Casey's currently has a dense network of stores built around its two distribution centers. The company sees infill opportunities, particularly in midsize and suburban markets, according to Brian Johnson, senior vice president of store development.
The retailer is also building a third distribution center, in Joplin, Mo., which will open up new territory for expansion.
As of Jan. 31, the Ankeny-based chain operated 2,193 stores across a 16-state footprint.