Alimentation Couche-Tard is planning to add more than 750 stores over the next five years through new-to-industry builds and single-site acquisitions, as it reallocates capital from underperforming assets into higher-return opportunities.
That’s according to the Laval, Quebec-based convenience-store chain’s 2026 Business Strategy Update on Wednesday.
The strategy centers on improving portfolio quality, returns and capital efficiency.
“We are selling tail-end and underperforming assets and investing that capital into sites that not only bring our brand promise to life but are substantially outperforming the legacy network as well,” said Aaron Brooks, senior vice president of real estate and fuel customer.
- Alimentation Couche-Tard is No. 2 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
Retailer is focusing on U.S. growth
The U.S. is the company’s primary expansion target. Couche-Tard pointed to the fragmented nature of the U.S. convenience-store market, noting that nearly 65% of stores are owned by operators with 10 or fewer locations.
That fragmentation underpins the company’s acquisition strategy, particularly for single-site operators. Brooks said the retailer is making deliberate “build vs. buy” decisions based on asset quality, location and speed to scale.
“If there’s a quality asset that we can buy at an advantageous multiple and plug it into our scaled economy at a faster rate than which we can build it, we are buying,” he said. “If we’re in a small town and there’s an independent that has the best corner in that town, we’re going to look to buy that vs. build on a secondary corner.”
In addition to single-site acquisitions, the company is accelerating its franchise program, which places the Circle K brand on the store and forecourt. Brooks said the company plans to add more fully franchised sites this year than ever before.
Sites will be in traditional and rural markets
Couche-Tard’s five-year growth plan includes both traditional and rural expansion.
In suburban markets, the company plans to build in fast-growing areas and strategically enter or strengthen existing markets. At the same time, it is expanding its network of approximately 1,400 rural sites, which Brooks described as delivering top returns and economic resilience.
Store investments include diesel, QSR and carwashes
The retailer is also investing in ancillary services, including high-speed diesel fuel, quick-service restaurants and car washes, to boost site-level returns and drive additional traffic.
Beyond the U.S., merger and acquisition priorities include unlocking opportunities in Europe by filling regional gaps within its existing network. Latin America and Southeast Asia were identified as attractive longer-term expansion markets.
Overall, the company framed the 750-plus store target as part of a broader effort to sharpen its portfolio, improve returns and deploy capital into assets that can more quickly benefit from its scale. For operators, the strategy signals continued competition for high-quality sites, particularly among small and single-store owners in strong locations.
Second-quarter earnings pointed to expansion
During its fiscal 2026 second quarter, which ended Oct. 12, Couche-Tard acquired seven U.S. company-operated sites, built 19 new stores, relocated or rebuilt three and had 73 more under construction, with more than 1,000 potential development sites in its real-estate pipeline. The growth follows the first quarter’s $1.6 billion acquisition of 270 GetGo Café + Market stores.
President and CEO Alex Miller told analysts in November that the company is actively evaluating multiple acquisition targets across all major geographies. In addition to new builds and an expanding self-distribution network, he said acquisitions remain a core part of Couche-Tard’s long-term U.S. growth strategy, even after its unsuccessful bid to acquire 7-Eleven parent Seven & i Holdings Co. Ltd. Couche-Tard withdrew its offer in July.
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