Wednesday, June 1, 2022
More Than 100 Circle K, Couche-Tard Sites in US and Canada Go Up for Grabs
Canadian Company Selling 78 Stores in US and 31 in Canada
Source: CoStar NewsBy Andy Peters
Circle K’s parent company has put 109 convenience store sites on the sales block in the United States and Canada as the company builds on the realignment of its strategic footprint across North America.
Alimentation Couche-Tard Inc., which is based in Quebec, has hired NRC Realty & Capital Advisors to manage the sales with bids due July 7. Of the 109 stores, 78 are in the U.S. in 19 states and 31 are in Canada in three provinces. About 56% of the stores sell gasoline.
Couche-Tard did not disclose the specific locations of the properties. A Couche-Tard spokeswoman did not respond to a request for comment.
Couche-Tard has refined its retail footprint over the past two years. In December, it acquired 36 U.S. convenience stores from two operators, Slidell Oil and Pic Quik, in Alabama, Louisiana, Mississippi and New Mexico. The company in March 2021 placed 306 sites located throughout North America up for sale that no longer fit its strategic objectives either from a brand perspective or from a regional scale perspective, according to a statement at the time.
Meanwhile, Couche-Tard and U.K. retailer EG Group in April were engaged in merger talks, the Wall Street Journal reported. The two companies have not yet agreed to a deal. EG Group owns Cumberland Farms convenience stores in the U.S. and other retail chains in Europe.
Couche-Tard operates 14,100 stores worldwide under the Circle K, Couche-Tard and Ingo brands.
Couche-Tard is planning to enter the business of providing charging stations for electric vehicles in North America. The company will install EV chargers at 200 locations in the U.S. and Canada, or about 2% of its stores in those countries, by 2024. Specific locations were not disclosed.
Evan Gladstone, executive managing director at NRC Realty & Capital Advisors, is representing Couche-Tard on the newly listed property sales.
To see a list of convenience stores and gas stations for sale, click here.