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Convenience store chain expands New York footprint

BY Marianne Wilson

Speedway is growing through acquisition.

Speedway, a wholly owned subsidiary of Marathon Petroleum Corp., has signed an agreement to purchase 78 store locations held by Petr-All Petroleum Consulting Corporation. These stores are located primarily in the Syracuse, Rochester and Buffalo markets in New York and operate under the Express Mart brand.

“This acquisition is a great strategic fit for Speedway, and consistent with our growth plan,” said Speedway president Tony Kenney, president, Speedway, which operates 2,740 stores in 21 states. “These stores will enhance our existing network and expand our brand presence in a key growth market for Speedway.”

Following the acquisition, the Express Mart stores will be rebranded to Speedway. The transaction is expected to close by the end of the third quarter of 2018.

 

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Good news for retailers in March

BY Marianne Wilson

Unseasonable weather didn’t deter consumers in March.Unseasonable weather didn’t deter consumers in March.

Retail sales in March increased 0.3% seasonally adjusted over February and 5% year-over-year, according to the National Retail Federation said today. The NRF numbers exclude automobiles, gasoline stations and restaurants.

“This is a healthy spending report despite market volatility, unseasonable weather and uncertain economic policies,” NRF chief economist Jack Kleinhenz said. “Consumers continue to show resiliency in spending, and these numbers reflect how the economy is performing with a strong job market, gains in wages, improvements in confidence, rising home value and judicious use of credit.”

Kleinhenz noted that the biggest risk to spending is in market fluctuations that could affect confidence, “but we expect these basic improvements in economic fundamentals to continue.”

The three-month moving average was up 4.8% over the same period a year ago. NRF’s numbers are based on data from the U.S. Census Bureau, which said overall March sales – including automobiles, gasoline and restaurants – were up 0.6% seasonally adjusted from February — the largest increase since November — and up 4.5% year-over-year.

Specifics from key retail sectors during March include:

• Online and other non-store sales were up 7.6% year-over-year and up 0.8% over February seasonally adjusted.

• General merchandise stores were up 6.3% year-over-year and up 0.3% from February seasonally adjusted.

• Clothing and clothing accessory stores were up 6.1% year-over-year but down 0.8% from February seasonally adjusted.

• Grocery and beverage stores were up 5.9% year-over-year and up 0.2% from February.

• Furniture and home furnishings stores were up 4.1% year-over-year and up 0.7% from February seasonally adjusted.

• Building materials and garden supply stores were up 3.8% year-over-year but down 0.6% from February seasonally adjusted.

• Electronics and appliance stores were up 1.6% year-over-year and up 0.5% from February seasonally adjusted.

• Health and personal care stores were up 0.4% year-over-year and up 1.4% from February seasonally adjusted.

• Sporting goods stores were down 0.9% year-over-year and down 1.8% from February seasonally adjusted.

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Vote on future of True Value extended

BY HBSDealer Staff

As members of True Value consider an offer to sell 70% equity of the company to Acon Investments, Chicago-based True Value Company has added a week to the voting deadline.

On Friday, the company announced to members that the special meeting of the board on April 20 will share the voting results with the members. The original vote deadline was April 12, just before midnight. It’s now April 19, just before midnight.

So far, votes have been largely in favor of the proposal announced March 15 that would dramatically change the structure of the True Value, sell a majority stake to a private equity company and unlock dealers investment. The company said 72% of the proxies have been counted, and 85% have voted for the proposal.

In an announcement to dealers on Friday, the co-op said: “based on the massive vote support, our plan remains to close the transaction on or around April 20 following the Special Meeting.”

The additional week was described in a statement as related to a lawsuit brought by a member who sought more information.

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