Industry Roundup: The Top 10 Most-Read Stories in May
NATIONAL REPORT — Expansions and exits, industry honors and regulation updates were the topics most important to CSNews Online readers last month. In the latest Industry Roundup, we present the top 10 most-read stories for the month of May, based on reader views:
1) CSNews Reveals 2016 Top Women in Convenience Honorees
More than 60 female managers, directors and executives who work in the convenience store industry will be honored later this year in the third-annual Convenience Store News Top Women in Convenience awards program. Honorees are chosen based on nominations from their peers that illustrate a candidate's innovative corporate initiatives, extraordinary financial and strategic accomplishments, astute-problem solving acumen, exceptional performance and selfless charitable participation, among other attributes that go above and beyond the call of duty.
2) The Wait Is Over for New Federal Overtime Rule
Long-awaited changes to the federal overtime rule were unveiled May 18 at an event in Columbus, Ohio, headlined by Vice President Joe Biden, Labor Secretary Thomas Perez and Democratic Ohio Senator Sherrod Brown. The most notable change announced was a nearly doubling of the current salary threshold from its current $23,360 to $47,476.
3) Should C-stores Fear New Fuel Delivery Services?
"There is definitely a rise in the on-demand economy, and the sector is growing very fast," Bruno Uzzan, co-founder and CEO of Purple, an on-demand gas delivery company in California, told Convenience Store News. "Over the past two years, technology improved and we can locate the exact location of where someone is. Plus, most people are trained to want to save time. With our service, we can save someone 10 to 15 minutes by not having to go to a gas station."
4) Sun Capital Acquires 139 Midwest C-stores
Sun Capital Partners Inc. acquired Admiral Petroleum Co. and Lemmen Oil Co. for an undisclosed sum. The deal includes 130 Admiral-branded gas stations and convenience stores, as well as nine Lemmen-branded c-stores with gas, all in the Midwest. Sun Capital, a Boca Raton-based investment firm specializing in leveraged buyouts and investments of "market-leading" companies, also announced Jeff Turpin as CEO of its new c-store division.
5) CST Brands Exiting California & Wyoming
CST Brands Inc. and 7-Eleven Inc. are trading assets to the tune of $408 million. San Antonio-based CST announced that it entered into a definitive agreement to sell its store operations in the California and Wyoming markets to 7-Eleven Inc. and its wholly owned subsidiary SEI Fuel Services Inc. The transaction includes 76 stores in California and three stores in Wyoming. The transaction, which carries a $408-million price tag, is subject to customary closing conditions, including possible purchase price adjustments at the time of close.
6) Shake Shack Founder Danny Meyer's Advice to C-stores
"People like to be surprised by high/low experiences like that. It's a wonderful trend for you all," the CEO of Union Square Hospitality Group and founder of Shake Shack told the convenience foodservice retail executives gathered around the table at the 2016 Convenience Store News Foodservice Summit. Meyer, whose restaurants and chefs have earned an unprecedented 25 James Beard Awards, was a special guest at this year's fifth annual Foodservice Summit, held March 15-16 in partnership with Tyson Convenience, where he participated in an interactive roundtable discussion with a dozen leading convenience store foodservice executives.
7) FDA Releases Long-Awaited Final Deeming Regulation
The Food and Drug Administration issued its final deeming rule extending its authority to all tobacco products, including electronic cigarettes, cigars, hookah tobacco and pipe tobacco. The issuance comes two years after the agency first released its proposed deeming rule. In addition to prohibiting the sale of these products to consumers under the age of 18, the final deeming rule keeps the often-debated grandfather date as Feb. 15, 2007.
8) Cumberland Farms' Ari Haseotes Is Retailer Executive of the Year
Convenience Store News' blue-chip panel of industry leaders chose Cumberland Farms Inc. CEO Ari Haseotes as winner of this year's Retailer Executive of the Year award. This award, now in its third year, recognizes a retailer executive who exemplifies leadership, business acumen, dedication to the industry and commitment to community service.
9) CSNews to Honor First Convenience Foodservice Executives of the Year
Kelly Buckley, vice president of fresh food innovation at Dallas-based 7-Eleven Inc., and Rich Green, director of foodservice for Salt Lake City-based Maverik Inc., are winners of the inaugural Convenience Foodservice Executive of the Year awards. The pair of convenience foodservice leaders will be honored at the Convenience Foodservice Exchange, a new conference being presented by Convenience Store News Sept. 15-16 in Schaumburg, Ill.
10) Sinclair Oil Plans to Double in Size by 2024
Sinclair Oil Corp. may be 100 years old, but it is not slowing down. Instead, the oil company is looking toward the future with plans to bring its familiar dinosaur logo across the country. According Sinclair, the company's future includes "ambitious plans to grow by more than 100 percent." The aggressive growth campaign will roll out through 2024.