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Convenience store and gas station provider SQRL is the latest growing its presence across multiple states, according to Chain Store Age.
With the addition of 210 new locations, the retailer has become one of the country's fastest-growing companies in its asset class. The move represents a more than 100% growth of its network, SQRL said and CoStar reported. The Little Rock, Arkansas-based retailer, founded in 2013, focuses on sustainability and uses solar panels in every location.
SQRL hasn't disclosed the purchase amount or who the stores were acquired from, but it now operates 350 stores across 14 states. The acquisition adds locations in Ohio, Oklahoma, Pennsylvania and Louisiana and bolsters its footprint in Wisconsin, North Carolina, Mississippi, Kansas, Arkansas and Alabama.
The number of convenience stores in 2023 has increased by 1.5% to 150,174, a positive shift after a four-year decline, per the National Association of Convenience Stores.
The convenience store industry has seen a trend of M&A deals over the past year, driven by high inflation rates and labor shortages. In May, BP and TravelCenters of America completed a $1.3B merger.
The largest brands in the space are looking to get larger. In June, food-and-fuel operator Casey's, the third-largest convenience retailer in the U.S., announced plans to add hundreds of stores within the next three years. Circle K parent Alimentation Couche-Tard Inc. purchased 112 stores across the Southeast in April but put 68 stores up for sale last month, its third sale within the brand in three years.
Convenience stores have been proving dominant in the retail sector overall. Wawa, Buc-ee's, Sheetz and Maverik all saw foot traffic increases in the second quarter, per Placer.ai data, showing the demand for convenience stores across the country. All four chains have expanded within the last year, with Maverik's acquisition of Kum & Go in April, Buc-ee's foray beyond Texas, and Wawa and Sheetz's Midwestern growth.
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