Casey's Growing Into New Markets With 400-Store Expansion
One of the largest convenience store and pizza chains in the U.S. is planning another massive growth phase.
Iowa-based convenience store and pizza chain Casey’s General Stores is planning to open 400 new stores as part of its new three-year growth plan, the company revealed this week during its annual investor day.
“We are focused on expanding our food business, growing our store base, and leveraging technology to improve efficiency and execution,” Casey's CEO Darren Rebelez said in a statement.
Casey’s, which is located primarily in rural areas, expects to add its next batch of stores through acquisitions and by pursuing its own developments, as it did over the past three years, Casey’s Chief Operating Officer Ena Williams said in a statement.
“That flexibility allows us to pursue the best opportunities as market conditions evolve,” she said.
Food and beverage offerings will continue to be a priority for Casey’s, which will invest in expanding stores selling made-to-order pizza, chicken wings and fries.
Casey’s is the third-largest convenience store chain in the U.S. and the country’s fifth-largest pizza chain. It owns all 3,000 of the outposts it operates across 19 states and has an enterprise value of $32B, according to its investor presentation.
The expansion of its private brand follows a yearlong period when wing sales were available in its Des Moines, Iowa, stores, which led to a 20% year-over-year sales increase in that market, Chief Merchandising Officer Tom Brennan said in a statement.
The retailer listed on the S&P 500 index earlier this year and added 504 new stores to its footprint between 2023 and 2026, including 200 properties via its $1.1B 2024 acquisition of CEFCO Convenience Stores, which brought it into Florida, Alabama and Mississippi.
Casey’s expansion plans come during a moment of growth for convenience stores that specialize in hot food offerings. Texas-based Buc-ee's is expanding into six new states as it rides a viral cult following, recently bolstered by World Cup tourists posting social media videos marveling at the size and variety of the convenience stores.
