3 Big Numbers is a weekly column that looks at a few key details from around the c-store industry.
There’s no avoiding the growth trend in the c-store industry this year. From new builds to big buyouts, both the convenience store and fuel industries are undergoing significant consolidation and expansion. In addition to Amber Energy being named the winning bidder for Citgo, Yesway shared expansion plans for its Allsup’s stores while The Gas Spot revealed its upcoming store plans, including its first in a new state.
Retailers just need to remember not to let all that expansion overshadow job No. 1: Making customers happy.
This week’s big numbers include a familiar convenience retail name that’s using M&A to enter a new market and a new energy company taking over a familiar fuel banner. Meanwhile, a study on c-store satisfaction showed that the industry could do a better job at catering to shoppers.
76
C-stores’ overall satisfaction rating in an American Customer Satisfaction Index study.
When the American Customer Satisfaction Index released its first-ever Convenience Store Study for 2024, many people focused on the most publicized finding: Which retailer came out on top with consumers?
Wawa (no surprise) took the crown. However, there was some worrying data to chew on.
Overall, c-stores earned a 76 out of 100 satisfaction rating from consumers. That put them at the same level as airlines, car rental companies and health insurance firms on ACSI’s scale — not exactly the kings of customer contentment.
Full-service restaurants topped the list with a satisfaction score of 84. Fast food restaurants and grocers were closer to c-stores’ scores, but still beat them out with matching grades of 79.
Some of the areas that dragged convenience stores’ score down were frequency of sales, the quality and freshness of coffee, and the variety and selection of in-store merchandise.
405
The number of Stewart’s Shops c-stores once its Jolley acquisition closes.
There are some retailers whose names are synonymous with M&A. Arko Corp. Casey’s General Stores. Majors Management.
Ballston Spa, New York-based Stewart’s Shops, however, is better known for its ice cream than its acquisitions.
And yet, in late September Stewart’s announced it had agreed to buy Vermont-based Jolley Associates’ 45 convenience stores in Vermont, New York and New Hampshire for an undisclosed amount.
Adding that 45 to its existing 360-store footprint means the retailer will move past 400 total locations, solidifying its spot in the top 25 U.S. c-stores by store count.
$7.3 billion
The final purchase price for Citgo.
After a lengthy sale process, Citgo will soon have a new owner. New energy firm Amber Energy has been selected to buy the refiner for $7.3 billion as of Sept. 27.
The sale of Citgo has been years in the making. Venezuela, which controls the oil company, put the oil giant on the block after more than a dozen creditors made claims totaling $23 billion. The final sale price only amounted to about a third of that total.
Although Amber Energy is a new company, its leadership brings decades of experience in the oil industry. It’s led by CEO Gregory Goff, who spent 30 years at ConocoPhillips and served as the lead executive of Andeavor before Marathon Petroleum acquired it in 2018.
Editor’s note: This story was updated to clarify that Amber Energy has only been selected as the winning bidder for Citgo.
