The Pantry Acquires 16 Angler’s Convenience Stores
Sanford, N.C., The Pantry, Inc. has completed the acquisition of 16 Angler’s Mini-Mart convenience stores in the Charleston, S.C., market. The stores generated revenues of approximately $73 million in 2005.
Separately, the company has also completed the previously announced acquisition of a convenience store in Sanford, N.C. The Pantry has also entered into definitive agreements to acquire single stores in the Myrtle Beach, S.C., and Naples, Fla., markets. The Naples store will be the company’s second in that market.
All of these transactions have been or will be financed with a combination of cash on hand and lease financing. Terms were not disclosed.
Circuit City to Open New Prototype
New York City, Circuit City Stores Inc. will be rolling out a new prototype store in June, according to a report by Reuters. John Mulleady, VP for real estate and construction at Circuit City, announced the prototype at the National Retail Federation’s (NRF) annual conference in New York City on Sunday.
Although he did not give many details, Mulleady said the prototype would build on the consumer electronics retailer’s efforts to continually test new store types to better appeal to today’s shoppers. Mulleady said Circuit City is working on building 300 new stores in the next two years.
While Circuit City has stores in Canada, Mulleady said “not today” when asked if the retailer was looking at additional international expansion.
Wal-Mart Selects New Ad Agencies
Bentonville, Ark., Wal-Mart Stores Inc. said on Friday it selected agencies from Interpublic Group of Cos. and France’s Publicis for its advertising work. Interpublic’s Martin Agency will take the lead in handling creative work on the account, while Publicis agency MediaVest will be responsible for media planning and buying.
Wal-Mart put its estimated $580 million advertising account up for review in December, just days after the departure of a key marketing executive and barely one month after a previous review assigned the work to sister Interpublic agency DraftFCB and Aegis Group media buyer Carat.
Wal-Mart also named three agencies to focus on the black, Asian and Hispanic communities in the United States: GlobalHue, IW Group and Lopez Negrete.