Casey's targets 400 new stores in latest three-year plan
The unit target follows a prior three-year cycle in which Casey's added 504 stores.
Casey's General Stores plans to add at least 400 convenience stores over the next three fiscal years, executives said at the company's Investor Day in New York City, as part of a new strategic plan targeting 10% annual growth.
The unit target follows a prior three-year cycle in which Casey's added 504 stores, boosted by its acquisition of Fikes Wholesale's 198-store CEFCO banner. COO Ena Williams said roughly half of the new growth will come from construction and half from acquisitions, with no large deals assumed in the figure. CFO Steve Bramlage said the goal will be met "exclusively with single store and smaller multi-unit deals combined with new construction."
On average, an acquired store costs about $1 million less than a new build while meeting the same return requirements, Williams said. New builds rely on AI-supported site selection and are delivering double-digit year-one returns on invested capital, above the chain average.
Executives pointed to significant white space within Casey's existing distribution footprint: about 75% of towns with a population of 20,000 people or less within Casey's distribution footprint do not currently have one of its stores, Williams said.
