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Retailer Tidbits

  • After revealing a second-quarter net loss of almost $10 million, Cary, N.C.-based The Pantry Inc. is pulling back on its Fresh Initiative — a chainwide remer-chandising effort to grow its foodservice business that began two years ago under previous CEO Terry Marks. Now, new CEO Dennis Hatchell is saying the c-store retailer's Kangaroo Express stores need to take a "more holistic" approach to improve results. Approximately 340 of The Pantry's 1,611 company-operated stores have been remodeled to the Fresh Initiative. Hatchell, a veteran of the grocery industry, did say the retailer will expand its foodservice business through more branded quick-service restaurant (QSR) concepts. The Pantry currently operates 230 QSR locations, such as franchised Subway locations.
  • Alon Brands, the 7-Eleven convenience store operator that is rapidly rebranding its 302 FINA motor fuel locations to the ALON brand, announced it has scrapped a planned initial public offering (IPO). The Dallas-based company, which had sought up to $100 million from the IPO filing, didn't give a reason for its change of heart.
  • Who's No. 1? Well, its ExxonMobil Corp., as the oil giant reclaimed the top spot on this year's Fortune 500 list of the world's largest companies based on revenue. ExxonMobil's $452 billion in sales topped Walmart Stores, last year's No. 1, by about $5 billion. Two other convenience store industry companies made the top 5. Chevron Corp. finished at No. 3 with $246 billion in revenues and ConocoPhillips, which earlier this month spun off its Phillips 66 downstream division, placed fifth with $237 billion in revenues. Also on the list: Tesoro LP placed at No. 101; Western Refining Inc. earned the 285th slot; TravelCenters of America LLC came in at 329; Core-Mark Holding Co. Inc. placed at No. 393; and Susser Holdings Corp. earned the 486th slot.
  • Japan's second-largest convenience store chain is coming to America. Lawson, second only to 7-Eleven parent Seven & i Holdings, will open two stores in Honolulu this summer, with plans to expand further within the state and eventually to the U.S. mainland. The new stores, located in a pair of Sheraton and Westin resorts, will be managed by a local Lawson subsidiary. A company spokesperson said the goal is to open as many as 50 outlets in Hawaii.
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