Exxon to Exit U.S. Retail Gas Business
New York City Exxon Mobil Corp. said on Thursday it is getting out of the retail gas business in the United States as high crude oil prices squeeze margins, according to a Reuters report.
Those branded service stations may be the most public aspect of Exxon’s business, but they account for a small part of the company’s profits, the report said.
Out of the roughly 12,000 Exxon Mobil branded stations in the United States, Exxon owns about 2,220.
Exxon plans to sell those service stations over several years. They include about 820 stations that it also operates.
The company will maintain the Exxon and Mobil brands, Exxon spokeswoman Prem Nair said.
Consumers will still be buying gasoline at stations that carry the Exxon and Mobil names, but they will not be owned by the company.
Report: Gap Inc. focus on retooling stores
NEW YORK Gap Inc. is refocusing its efforts on using its existing real estate to create smaller stores, rather than open new stores, ceo Glenn Murphy siad at the PiperJaffray conference, according to The Associated Press.
According to the AP, Murphy said that Gap has too many stores that are too large for anything other than flaghsips or signature locations. The stores are 12,500 square feet each. Murphy said stores should ideally be between 6,000 square feet and 10,000 square feet.
Winn-Dixie: Publix, Albertson’s deal won’t affect performance
JACKSONVILLE, Fla. Commenting on the recent news that Albertson’s LLC will sell its 49 Florida stores to Publix Super Markets, Winn-Dixie chairman, president and ceo Peter Lynch, said that the transaction should not have a major impact on his company’s performance.
“Based on our analysis, only 10 of the 49 stores are within a two-mile operating radius of a Winn-Dixie location that does not currently compete with an existing Publix,” said Lynch. As a result, we do not believe this transaction will have a material impact on our long-term strategy or performance. Our remodeled stores continue to generate positive results. As we move forward, we will monitor business conditions and fine-tune product assortment, pricing and merchandizing efforts in each store to meet the needs of the communities we serve.”
Albertson’s said it has accepted an offer from Publix Super Markets to purchase 49 of the company’s stores in Florida. The company intends to operate its remaining Florida division stores with the ongoing support of its distribution center in Plant City and division office in Lake Mary, Florida. The acquisition is expected to be complete in September.