Saturday, May 6, 2017

7-Eleven buys over 1,000 units, beefs up East Coast presence

The parent company of 7-Eleven announced last month that it had agreed to acquire 1,108 Sunoco-operated gas stations and convenience stores for $3.3 billion (nearly $3 million per store). The deal, which does not include Sunoco's A-Plus stores operated by franchisees, would provide 7-Eleven with heavy concentrations of stores in Texas and the East Coast. 

At about the same time as the announcement, the National Association of Convenience Stores said that non-gasoline sales at U.S. units increased 3.2% in fiscal 2016, led by robust sales in the foodservice category. In addition, C-stores saw significant increases in sales of packaged beverages and center store offerings like salty snacks and sweets.

As part of the agreement, 7-Eleven said it would buy gas for these sites from Sunoco for the next 15 years. 

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