Sheetz Speaks on Future of Stores

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Sheetz Speaks on Future of Stores

ALTOONA, Pa. -- Sheetz president and CEO, Stan Sheetz, told guests that the future Sheetz store concept will be "evolutionary," at the Retail Merchants Association's Media Trade Show, held Tuesday at the Greater Richmond Convention Center, reported the Times-Dispatch.

"While the Sheetz of today is seen as a gas station that sells good food, the Sheetz of tomorrow will be seen as a convenience restaurant that sells gas and convenience items," he said.

"We will create a business that will put Sheetz, as we know it today, out of business," he continued. "Hopefully, it will be evolutionary for us."

Sheetz noted that by 2010, the chain wants to be so efficient that it will not rely on margins from gas sales for profitability, the newspaper reported. "It is a high-volume business but not a high-profit business," he told guests. "So we want to be such strong retailers that we don't need to rely on any profits from gas."

Stores will lower profit margins and per gallon prices, attracting more on-the-go customers.

Sheetz operates more than 325 stores in six states. The privately held company generated $3.37 billion in sales for the fiscal year ended Sept. 30, and ranks 87 on Forbes list of largest privately held companies, reported the Times-Dispatch.