Stripes convenience stores began in Corpus Christi as two convenience stores that Minna Susser and her husband, Sam, inherited. Now, 87 stores spot the Coastal Bend map, and the brand, currently owned by 7-Eleven, stretches all the way to Pennsylvania. Courtesy photo
The world’s largest convenience store operator, 7-Eleven Inc., just got bigger after purchasing 1,100 Sunoco stores in a $3.3 billion deal. The sale does not include Sunoco’s APlus franchisee-run stores or Aloha Petroleum unit in Hawaii, but it does include fuel, merchandise and trademarks for Laredo Taco Co. and Stripes. About 200 stores in North and West Texas, New Mexico and Oklahoma will be sold separately.
Sunoco LP, which was based in Corpus Christi until it sold to Energy Transfer Partners in 2012 and moved to Dallas, said in its announcement April 6 the move will usher in a new era for the company.
"The sale of these retail assets to 7-Eleven is the beginning of an exciting evolution for SUN into a premier nationwide fuel supplier,” said Bob Owens, president and CEO. “Our supply agreement with 7-Eleven provides SUN with a predictable long-term income stream, and this transaction quickly allows SUN to improve its financial profile."
In part of the agreement with 7-11, Sunoco will supply about 2.2 billion gallons of fuel a year for at least 15 years. Also, 7-Eleven will not change any of the stores’ branding. Sunoco stores will not be renamed 7-Eleven.
The 7-Eleven chain of stores is operated by Japanese company Seven & i, which has been acquiring blocks of stores from local retailers over the past several years. The company’s total sales from its convenience stores, general merchandising stores, department stores and speciality stores is more than $90.52 billion. Most of that — about 86 percent — comes from convenience stores, according to Fortune magazine.
The biggest purchase ever of store properties by 7-11, the Sunoco deal should be complete by August.
