Industry Roundup: The Top 10 Most-Read Stories of July 2024
NATIONAL REPORT — After a slow start to M&A activity this year, notable news in recent weeks included deals to grow while others made moves to exit the channel. In the latest Industry Roundup, we present the top 10 most-read stories for the month of July, based on reader views:
1) Casey's to Acquire CEFCO Convenience Stores
The company entered into an agreement to acquire Fikes Wholesale Inc., owner of CEFCO Convenience Stores, in an all-cash transaction for $1.145 billion. The purchase price includes tax benefits valued at approximately $165 million for a net after-tax purchase price of $980 million.
2) Value-Seeking Tobacco Consumers Impact Cigarette Sales
Continued economic pressures have led many tobacco consumers to grow increasingly selective in their purchases. Data indicates they are seeking affordable alternatives such as fourth tier/deep discount cigarettes, modern oral tobacco and illicit/gray market disposable vapor products.
3) Pump N' Pantry Sells to United Refining Co.
Pump N' Pantry Inc. and its affiliates will exit the convenience store industry upon the sale of its convenience retail assets to United Refining Co. The process of rebranding 14 Pump N' Pantry stores to be integrated into United Refining's Kwik Fill/Red Apple chain is expected to begin immediately.
4) Convenience Store News Top 100 Chains: Comings & Goings
Three convenience store companies arrived on the 2024 Convenience Store News Top 100 list — S&S Petroleum Inc. (at No. 79t), Byrne Dairy Inc. (No. 91t) and J&H Oil Inc. (No. 94) — just as three others departed following notable merger-and-acquisition activity in 2023.
5) Kwik Trip Begins Construction on Second Distribution Center
Located at 4309 State Road 19, the 280,000-square-foot facility will service 350 Kwik Trip convenience stores upon opening. Currently, all Kwik Trip stores are serviced by the distribution center located in the company's hometown of La Crosse, Wis.
6) Six Industry Players Land on NRF's Top 100 List
The National Retail Federation recognized six convenience store retailers and gas companies as part of its Top 100 Retailers 2024 list, which ranks the year's largest companies by annual sales. 7-Eleven Inc. is the highest-ranked convenience store chain at No. 20 with $27.88 billion in U.S. retail sales.
7) Wawa to Break Ground on First Store in West Virginia
Wawa Inc. announced it would move ahead with plans to expand operations into its 14th state by hosting a groundbreaking ceremony for a store in Inwood, W.Va., on Aug. 14. As part of the event, hundreds of VIP customers were able to enjoy a "Taste of Wawa" and grab a hoagie, soft pretzel or smoothie food sample alongside the company's mascot, Wally Goose.
8) 7-Eleven Hawaii Celebrates 46th Anniversary With Special Offers
To mark the occasion of its 46th anniversary on July 11, 7-Eleven Hawaii Inc. offered free small Slurpees to customers at all of its 67 locations across Hawaii from 11 a.m. through 7 p.m. Customers could also receive complimentary limited-edition tote bags and buy Spam Musubis for just $1.49.
9) Crystal Maggelet Accepts Lead Role at Maverik
She stepped up as permanent CEO and Chief Adventure Guide at Maverik — Adventure's First Stop after acting in an interim capacity. Maggelet also serves as chairman and CEO of Maverik's parent company FJ Management Inc.
10) 80 Retailers Warned Over Sale of Unauthorized E-Cigarette Products
The U.S. Food and Drug Administration (FDA) issued warning letters to 80 brick-and-mortar retailers in 15 different states for selling unauthorized e-cigarette products popular with youth, including Elf Bar and Lost Mary. The agency also filed complaints for civil money penalties against eight other retailers who failed to take action after being previously warned about selling unauthorized e-cigarettes.