Casey’s owns and operates more than 1,950 convenience stores in 15 states. It is No. 4 in CSP’s 2017 Top 202 ranking of the largest U.S. c-store chains.
The company’s annual goal for fiscal 2017 was to build or acquire 77 to 116 stores, replace 35 existing locations and complete 100 major remodels. For the fiscal year, Casey’s built and opened 48 new stores, acquired 22 stores, completed 21 replacements and remodeled 103 stores. As of April 30, 2017, it had 27 new stores, 21 replacement stores and 11 major remodel stores under construction. At the fiscal year end, the company had 116 sites under agreement for new-store construction and five stores under agreement to purchase.
Casey’s also converted 89 locations to a 24-hour format for the year; it now has almost 1,000 stores open 24 hours.
“Our new-store construction activity continues to gain momentum,” Handley said. “The growing pipeline of sites under agreement has the company well positioned for significant increase in organic growth.”
Some Casey’s stores in newer markets are performing better than those in core markets.
“The newer markets would be states like Tennessee, Kentucky, Arkansas, Oklahoma, North Dakota, the eastern side of Indiana and, even more recently, Ohio,” said Bill Walljasper, CFO. “Those stores, albeit they're small contributors from a dollar perspective, but their same-store sales lift is double or triple what we see in the core states right now. I think that is reflective of the efforts that we put in the last fiscal year and doing some marketing and some promotional campaigns in those areas.”
- 2018 goal: Build or acquire 80 to 120 stores, replace 30 existing locations and complete 75 major remodels.