International Business

Alimentation Couche-Tard Inc. is expanding its U.S. portfolio yet again.   In its biggest acquisition to date, the Canadian convenience store retailer has agreed to buy CST Brands Inc. for $48.53 per share in cash, with the total deal valued at $4.4 billion, including debt.   Couche-Tard operates more than 12,000 locations globally under several brands, including Circle K. Last year, Couche-Tard acquired The Pantry for about $1.7 billion, including debt, adding more than 1,500 stores to its U.S. footprint.

Dollar General is moving into North Dakota, announcing that it has begun construction on five new stores in the state. This gives the discount retailer a footprint in 44 states after having established operations in Maine, Oregon, and Rhode Island in 2015.   The initial North Dakota locations will be in Ellendale, Gwinner, Hankinson, Hillsboro, and Oakes. They’re being built in the chain’s standard 9,100-sq.-ft. format.  

Wal-Mart Stores surprised the industry on Thursday with better-than-expected profit and revenue for the second quarter. The chain raised its full-year outlook in the wake of its strong performance.    The retailing giant reported that its net income rose 8.6% to $3.8 billion in the quarter ended, up from $3.5 billion in the year-ago period.    Total revenue rose 0.5% to $120.85 billion in the quarter, slightly above analysts' projection.   

Mooresville, North Carolina-based Lowe’s reported modest second-quarter growth. It also had a message for RONA employees in Canada: welcome to the team.

Skechers continues to expand its global footprint.   The brand on Tuesday opened a flagship store in the shopping center at the new World Trade Center in lower Manhattan. With some 1,545 stores worldwide, Skechers anticipates having more than 1,600 locations up and running by yearend.  

In what it says is part of an expansion into the western United States, New York-based Time Equities Inc. (TEI) purchased the Newgate Mall in Ogden, Utah from General Growth Properties for $69.5 million.   The 718,035-sq.-ft. mall is anchored by Burlington Coat Factory, Cinemark, Dillard’s, and Sears. TEI reports it is 98% leased with approximately 100 tenants. Bath & Body Works, Kay Jewelers, Gymboree, and Victoria’s Secret are among those on the roster.  

Alimentation Couche-Tard Inc. is reportedly nearing a deal that would increase the ongoing consolidation in the convenience-store industry.   The Canadian convenience-store giant is in the lead to acquire CST Brands Inc., the Wall Street Journal reported.   CST, based in San Antonio, Texas, is a fuel and convenience-store chain with more than 1,000 stores in the southwestern U.S., New York and eastern Canada.