Industry Roundup: The Top 10 Most-Read Stories of September 2024
NATIONAL REPORT — Acquisitions and divestments generated by far the most buzz in the convenience store industry in recent weeks. In the latest Industry Roundup, we present the top 10 most-read stories for the month of September, based on reader views:
1) Wawa's First Travel Center Begins to Take Shape
Construction is underway at the first site of the retailer's largest store format yet. The prototype store in Hope Mills, N.C., is designed to serve both professional drivers and regular travelers, and is slated to open mid-2025.
2) ARKO Reportedly Exploring Sale of C-store Assets
Sources claimed the company is working with investment bankers at Citigroup to sell its portfolio of 1,500-plus stores. ARKO would then move forward as a standalone fuel distribution business.
3) Alimentation Couche-Tard Makes Case for Seven & i Deal
The retailer returned with a larger bid after initially being turned down by 7-Eleven Inc.'s parent company. According to Couche-Tard, its history of strong shareholder return and working with regulators would result in a successful transaction.
4) Parkland to Divest Florida Business
The company's Florida business includes approximately 100 retail sites, nine cardlock facilities and four bulk storage plants and warehouses. Parkland reportedly expects to exit the state within the next 12 to 18 months.
5) Seven & i Holdings Reportedly to Push Back on Couche-Tard's Bid Price
The company found that Couche-Tard's initial offer undervalued Seven & i and did not serve the best interests of its shareholders. Couche-Tard's preliminary, nonbinding takeover proposal was reportedly around $40 billion.
6) Three C-store Operators Rank Among the Best Workplaces in Retail for 2024
In the large business category on Fortune and Great Place to Work's 2024 Best Workplaces in Retail list, Sheetz Inc. ranked No. 2 while The Spinx Co. ranked No. 9. The Wills Group, parent company to Dash In convenience stores, ranked No. 9 in the small/medium business category.
7) Seven & i Holdings Rejects Couche-Tard's $39B Proposal
In response to the initial proposal, the Seven & i board formed a special committee composed solely of independent outside directors to review the takeover bid. Based on its recommendations, the board voted unanimously to reject the proposal.
8) Amber Energy Named Winning Bidder for CITGO
The company was selected by Robert Pincus, the special master appointed by the U.S. District Court for the District of Delaware, to oversee the sale. CITGO plans to focus on operational improvements, strategic growth efforts and more.
9) Maverick Travel Center Gets New Owner
Situated at 14100 South Highway 281 in Santo, Texas, the location experiences heavy traffic and serves as a one-stop destination for food, fuel and Texas souvenirs. The sale did not include an existing fuel contract, providing the buyers with the opportunity to optimize future fuel operations.
10) Casey's Spices Up Its Pizza Menu
The convenience retailer is spicing up football season with the all-new Jalapeño Popper Pizza. The specialty pie turns a favorite game-day appetizer into a full entrée.