Andrew Slifka is a firm believer in continuous improvement.
“Assets get old and tired quickly,” he says. “If you’re not updating your portfolio, you’ll be left behind.”
This mindset has guided Slifka’s leadership of growth and development for Global Partners LP for nearly 30 years, and it is reflected in the company’s recent track record of acquisitions and new builds. In October 2017, the company acquired 33 retail sites—including 22 stand-alone c-stores—from Honey Farms Inc. The following July, it picked up 10 c-stores from Cheshire Oil Co., as well as 37 Jiffy Mart-branded c-stores from Champlain Oil Co.
Today, the company operates nearly 300 c-stores and has plans for more NTIs and raze-and-rebuilds soon, Slifka says.
Global Partners doesn’t have a “magic number” of stores to eventually reach, he says. Instead, the company looks to acquire stores that have a mixture of assets—ranging from 1,000 to 5,000 square feet—it can learn and grow from, such as unique branding and general operations. When planning NTIs, it weighs the quality of the land and the neighborhood demographics.
One of the chain’s key priorities is to expand Alltown Fresh. Having debuted in January 2019, the c-store brand, which offers healthy food such as smoothies and protein bowls, pushes the boundaries of what traditional convenience fare is, Slifka says. Global Partners has a fourth Alltown Fresh opening in Aire, Mass., in 2020.