MAPCO Unveils Massive Renovation and New Construction Effort
BRENTWOOD, Tenn. -- Delek US Holdings Inc. is in the middle a "massive" company initiative to reimage and build new convenience stores, primarily under its MAPCO Express brand.
According to a filing sent to the U.S. Securities and Exchange Commission (SEC) this week, Delek has already reimaged 43 percent of its approximately 400 c-stores. The company plans to renovate another 25 locations in the near future. The chain said the remodeled stores will attract broader demographics.
Delek is not only reimaging a majority of its stores, but it also has a long-term target of opening 10 to 20 new stores per year, the company noted in its SEC filing.
In its "3Q11 Update," Delek also outlined other achievements and goals. The c-store chain said it achieved its ninth consecutive quarter of year-over-year same-store growth, thanks to fresh food sales and promotional efforts. Approximately 20 percent of MAPCO locations now have a fresh foodservice component.
Another major contributor to the same-store sales growth during Delek's fiscal 2011 third-quarter -- compared to the same period in 2010 -- was private label products. Private label sales increased a healthy 30 percent year over year, the company reported in the filing.
Private label accounted for 4.3 percent of Delek's total merchandise sales during its 2011 third quarter, compared to 3.3 percent during the same time in 2010. Delek has set a long-term target for private label to account for 10 percent of merchandise sales.
In addition to MAPCO Express, Delek US also operates under the MAPCO Mart, Discount Food Mart, Fast Food and Fuel, East Coast, Delta Express and Favorite Markets brands.