On the Move Corp. Wants 50 Units by Year's End
BOYNTON BEACH, Fla. — On the Move Corp. (OTM) is making inroads to hit its goal of 50 locations by the end of the year.
On the Move added three convenience stores with gas in South Florida to its portfolio, bringing the number of new locations in the past 30 days to five. The latest three c-stores are in Jupiter, Wellington and Boynton Beach. They join the two units opened in Royal Palm Beach, Fla., in December.
Management estimates the five new locations will generate $45 million in revenue in 2016.
"With the closing of these convenience stores, we have put in place the necessary foundation to begin generating substantial revenue," said R.J. Reitano, chairman and CEO of OTM. "The past 30 days have been exciting. We are fast on our way to add up to 50 units by the end of 2016."
The newly acquired convenience stores, which were purchased from a related party, will undergo major improvements in the coming months and all will be rebranded and retrofitted under the On the Move name.
"Competitively, we need to strive to differentiate ourselves against Wawa and RaceTrac," Reitano added.
Boynton Beach-based On the Move Corp. was founded in 2014 to engage in the acquisition of convenience stores. On the Move intends, subject to the availability of financing, to acquire up to 50 convenience stores in 2016 and open 25 Stewart's Express restaurants, most of which will be in Florida. Each restaurant will be operated under the On the Move brand.
In management's opinion, Florida offers one of the best opportunities for growth and expansion over the next 10 years.
"I am excited to bring in these three locations to add to our growing presence in South Florida," said Jay Seewald, president and chief operating officer of OTM. "With these locations, we intend to roll out our fresh food offerings through our exclusive partnership with Stewart's. Now, South Florida can enjoy a full menu of burgers, frankfurters, cheesesteaks, fries, Stewart's Root Beer and unique flavored ice cream floats, shakes, cones and sundaes 24/7."