Large Chains

Patton Square Shopping Center in Woodruff, South Carolina, has been acquired by Pro Vest Properties for $7.3 million dollars. SRS Real Estate partners brokered the deal for the seller, an affiliate of Chen Development.

“Patton Square is a solid grocery-anchored neighborhood center with minimal competition in the market,” said Pierce Mayson, VP for SRS’ Southeast Investment Sales Team. “With a long-term anchor lease and very solid sales numbers, this asset is an excellent purchase for the buyer.”

If any retail CEO is going to endorse a candidate in this year’s presidential race, Howard Schultz would certainly rank at the top of the list.  

Casey’s General’s Stores on Tuesday detailed an aggressive store expansion and renovation schedule along with record earnings for its first quarter.   The Iowa-based chain expects to build or acquire 77 to 116 stores, replace 35 existing locations, and complete 100 major remodels in its current fiscal year. Currently, it has 39 new stores under construction, including its first store in the state of Ohio.  

Fred’s Inc. named Craig Barnes, executive VP of supply chain, global and domestic logistics, to the newly created role of COO — front store.    In his new role, Barnes will be responsible for merchandising, marketing, supply chain, store operations and real estate, and will report directly to CEO Michael K. Bloom.    

On the heels of the biggest deal in its history, Canada’s Alimentation Couche-Tard Inc. has entered into yet another deal to expand its U.S. footprint.   The retailer has signed an agreement to buy 53 stores in Louisiana, primarily in the Baton Rouge market, from American General Investments and North American Financial Group for an undisclosed price.    

Quik Mart Stores has made the move to LED lighting.      The Tucson, Arizona-based convenience store/gas station chain replaced the existing fluorescent and HID interior and exterior lighting with solid state LED lighting at 25 locations in the Tucson market.     The retrofit was completed by SCS Energy Solutions Corp.’s SCS Lighting Division, which also developed a solution for beverage and freezer cooler lighting, as well as enhancing existing merchandise displays.  

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.

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.   

Dollar General continues to expand its store portfolio at a rapid pace.   The discounter on Monday opened its 13,000th store, in Birmingham, Alabama. The company operates approximately 675 stores in Alabama.    The new store is one of the planned 900 new stores Dollar General expects to open in 2016.

Weis Markets on Thursday announced it has upgraded its Weis Reward Points Program to include the option of a 5% discount when customers use their Weis Preferred Shopper Club card and make a qualifying $100 purchase in a Weis Markets store. The discount can be redeemed on a customer’s future order.