Casey’s General Stores plans to build or buy at least 400 convenience stores over the next three years, Casey’s executives said Wednesday at the company’s 2026 Investor Day, where it unveiled its new three-year strategic plan.
The event was held in New York City and also webcast. Ankeny, Iowa-based Casey’s 2026 fiscal year ended April 30.
Adding 400 stores in existing and new markets in its fiscal years 2027 through 2029 is one of three priorities Casey’s officials discussed.
“Through our two-pronged approach of combining acquisitions and new store development, we are able to deliver consistent, disciplined and ratable growth,” said Casey's COO Ena Williams.
Casey’s added 354 locations from fiscal year 2021 to fiscal year 2023.
During Casey’s most recent three-year plan, from fiscal year 2024 through 2026, the company built or acquired 504 stores. This included “the largest acquisition in our history,” the purchase of Fikes Wholesale’s 198 CEFCO stores, Williams said.
Casey’s expects to add at least 400 stores over the next three years through a balanced mix of acquisitions and organic growth, each of which delivers a unique value proposition, Williams said.
On average, an acquired store costs about $1 million less than a new build, she said, adding, “and we are also able to maintain the same return requirements as building a new store.”
- Casey’s General Stores is No. 3 on CSP’s 2026 Top 202 ranking of U.S. c-store chains by store count.
The highly fragmented convenience-store industry, made up mostly of independent operators, creates attractive opportunities for Casey’s, Williams said.
“Acquisitions generate meaningful value through synergy capture, with even higher realization on single store and small deal transactions,” she said. “These synergies are driven by Casey’s prepared and proprietary food offering, our self-distribution model and our ability to leverage scale.”
After acquiring and remodeling a store in Walnut, Illinois, the store saw fuel gallons grow about 10% and inside sales jumped 75% as the company added Casey's prepared food and center store offerings, Williams said.
“This sales lift, coupled with rolling the store into the Casey's distribution network and the operations cadence, enabled mid-teens returns by year three,” she said.
Data-driven approach to store growth
New builds, meanwhile, enable “targeted infill and precise trade area penetration,” she said, adding that Casey’s has a data-driven approach to new store growth where it leverages its artificial intelligence (AI) tools and other proprietary data to optimize its store-growth plan.
Casey’s does this by first determining the best location using its network planning capabilities.
After that, it identifies the specific site within that geography that has the best performance metrics, she said.
“And then we determine the right store type to optimize our capital investment to generate the best returns,” she said. “The results have shown that recent builds continue to outperform our chain average, delivering double-digit year one pre-tax return on invested capital. This is a reflection of the enhanced data-driven site selection and disciplined capital deployment.”
Williams said Casey’s existing store base is well-positioned within the optimal driving radius of its three distribution centers.
“However, even within this footprint, there is substantial white space, creating a meaningful opportunity to infill new markets while staying within our distribution radius,” she said, adding that about 75% of towns with a population of 20,000 people or less do not have a Casey’s.
“Now, I’m not saying you should expect to see a Casey’s in every small town, but this is just an illustration of the possibilities that exist in our footprint,” she said.
Next priority: Accelerating food and beverage
Accelerating food and beverage is the next priority in the company’s three-year plan.
“Food continues to be a key growth driver for Casey’s,” the company said in a Wednesday news release. “Building on its position as one of the nation’s leading pizza chains, Casey’s will continue investing in its made-to-order offerings, including pizza and chicken wings, with plans to expand its private-brand portfolio.”
Tom Brennan, chief merchandising officer at Casey’s, said the company’s food business is at the center of Casey’s three-year growth strategy and continues to be one of its strongest differentiators.
"Prepared foods and nonalcoholic beverages are driving strong inside sales, and we’re continuing to build on the loyalty we’ve earned through our more than 40 years in the pizza business with new offerings like wings and fries," he said. "In Des Moines, where wings have been available for more than a year, sales are up 20% year over year, reinforcing the significant opportunity we see as we expand the platform across our nearly 3,000 stores and further establish Casey’s as a food destination."
Final priority: Enhancing operational efficiency
The last priority is enhancing operational efficiency. Casey’s is investing in technology and data-driven tools to improve how its team members prepare food, serve guests and run stores efficiently. These investments help improve forecasting, strengthen the customer experience and support profitable growth as the company expands.
“We’re intentional about how we invest in technology, focusing on solutions that improve the experience for our guests while enabling our teams to operate more efficiently," Williams said in the same news release. “Whether it’s using AI to help improve forecasting and inventory planning, redesigning kitchens to help team members prepare more food with less friction, or enhancing digital tools like our app and Casey's Rewards, we’re investing in practical innovations that improve efficiency, strengthen guest experience, and support long-term growth.”
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