DES MOINES, Iowa—Casey’s General Stores will open about 350 new locations over the next three years, according to Chain Store Age.
The Iowa-based chain with 2,200 locations across 16 Midwestern states has two distribution centers and sees opportunities for significant infill opportunities, “particularly in midsize and suburban markets, to augment our outward expansion," said Brian Johnson, senior vice president of store development.
“We believe our differentiated business model, which includes self-distribution and our best-in-class prepared food offering, allows us to operate profitably in all markets, from suburban Chicago down to rural communities under 1,000 people," he said. "This gives us a significant addressable market to further expand our brand."
Casey's plans to grow through both new construction and acquisitions. The chain is reorganizing its development team to have a dedicated M&A group that will concentrate solely on smaller acquisitions.
"There are a lot of targets out there,” Johnson said. “We have identified over 400 single-store operators in our area, and there are approximately 2,500 stores that are in chains of 100 or less. Although the smaller chains and single stores may not grab the headlines, we feel it is a great place to play.”
However, Casey's "will not shy away from larger strategic deals, should they become available," he added.