As a retail industry expert and self-proclaimed "picky shopper," I‘ve spent countless hours studying the ever-evolving convenience store landscape. And let me tell you, the battle for c-store supremacy is heating up faster than a 7-Eleven pizza roller grill. While the iconic chain may reign supreme with over 9,500 locations and nearly $30 billion in annual revenue, a pack of determined competitors are nipping at its heels, each with their own unique strategies and value propositions.
In this deep dive, we‘ll go beyond the surface-level stats to examine the key players vying for a slice of the $651 billion U.S. convenience store market. From well-known national brands to under-the-radar regional favorites, we‘ll explore how these chains are differentiating themselves and adapting to the changing tastes and expectations of the modern consumer. So grab a Slurpee (or maybe a Wawa hoagie) and join me on this wild ride through the cut-throat world of convenience retail.
The Heavyweight Contenders
Casey‘s General Stores
Don‘t let the quaint name fool you – Casey‘s is a force to be reckoned with. With over 2,300 locations across 16 Midwest states, this Iowa-based chain has quietly become the fourth-largest convenience store retailer in the U.S. by store count and the fifth-largest pizza chain by sales. Casey‘s secret sauce? A laser focus on small-town America. Over 60% of its stores are located in communities with populations under 5,000, allowing Casey‘s to establish deep roots and loyalty where other chains fear to tread.
But Casey‘s is more than just a rural specialist. The company has made a name for itself with its pizza program, which accounts for nearly 30% of in-store sales. Casey‘s dough is made fresh each day, and its pizzas are available for delivery or pickup at most locations. This emphasis on prepared foods not only drives traffic but also boosts the average ticket size as customers frequently add on higher-margin items like drinks and snacks with their pie purchase.
Alimentation Couche-Tard (Circle K)
If you‘re not familiar with Alimentation Couche-Tard, you certainly know its flagship Circle K brand. With over 7,000 stores across 48 states, Circle K is the second-largest c-store chain in the U.S. and a formidable competitor to 7-Eleven. Like its Japanese-owned rival, Circle K benefits from significant scale advantages, with $54.8 billion in revenue for its latest fiscal year.
Couche-Tard has fueled much of its growth through aggressive mergers and acquisitions, snapping up regional chains to expand its geographic footprint and density. Notable deals include the $4.4 billion purchase of CST Brands in 2017 and the $420 million acquisition of Holiday Stationstores in 2019. This consolidation strategy has allowed Couche-Tard to drive efficiencies and leverage its buying power while still maintaining the local brand equity of its acquired banners.
GPM Investments
GPM Investments is the dark horse of the c-store world. Despite being the sixth-largest convenience store chain in the U.S. with roughly 3,000 locations, the company flies under the radar of many consumers. That‘s because rather than focusing on a single brand, GPM has assembled a portfolio of 16 regional c-store banners including fas mart®, E-Z Mart®, and Scotchman®.
This multi-brand approach allows GPM to maintain the familiarity and loyalty customers have with beloved local chains while leveraging the back-end benefits of its massive scale. GPM has been on an acquisition tear in recent years, more than doubling its store count since 2017 through a string of deals like the $273 million purchase of Empire Petroleum Partners‘ retail assets in 2021.
Wawa
No discussion of the convenience store competitive landscape would be complete without mentioning Wawa. This regional powerhouse has amassed a cult-like following across the Mid-Atlantic and Florida with its unique blend of made-to-order food, specialty coffee, and community connection. Wawa‘s 900+ stores generate an estimated $13 billion in annual revenue, putting it just behind Casey‘s in the c-store pecking order.
Wawa‘s primary point of differentiation is its unwavering commitment to foodservice. Prepared foods and beverages account for over 50% of the chain‘s sales, headlined by its signature made-to-order hoagies. Wawa also roasts its own coffee and offers an extensive menu of specialty drinks that rival Starbucks in quality and variety. This food-first focus attracts a higher-income customer base and drives significantly higher per-store sales than the industry average.
The Regional Stars
While the big national chains get most of the attention, don‘t sleep on the impact of regional convenience store operators. These chains may lack the sheer scale of 7-Eleven or Circle K, but they‘ve cultivated deep customer loyalty and market share within their respective geographies.
QuikTrip
Tulsa-based QuikTrip is a dominant force in the South and Midwest, with over 900 stores across 14 states. The company is known for its clean, well-lit stores, friendly service, and expansive selection of prepared foods and beverages. QuikTrip‘s made-to-order kitchens offer everything from fresh pizza and subs to tacos and breakfast sandwiches, driving up to 40% of its total sales.
Sheetz
Pennsylvania-based Sheetz is another regional favorite, with over 600 stores concentrated in the Mid-Atlantic and Ohio Valley. Like Wawa, Sheetz is beloved for its made-to-order food options, which include customizable sandwiches, burritos, and salads. The chain is also known for its touch-screen ordering kiosks and extensive selection of craft beers, reflecting its focus on younger, tech-savvy consumers.
Kum & Go
With 400+ stores across 11 Midwest states, Kum & Go has built a loyal following with its commitment to fresh, healthy food options and sustainable practices. The chain offers an extensive selection of organic, natural, and gluten-free snacks, as well as fresh-made sandwiches and salads. Kum & Go is also leading the charge on sustainability, with solar-powered stores, EV charging stations, and a pledge to reduce its carbon footprint by 20% by 2025.
The Changing Face of Convenience
The convenience store industry is in the midst of a transformation, fueled by shifting consumer preferences and the relentless march of technology. To stay competitive, 7-Eleven and its rivals are having to rethink every aspect of their business, from product mix to store design to the very definition of "convenience."
The Rise of Foodservice
One of the most significant shifts in the c-store landscape is the growing emphasis on foodservice. Consumers, particularly younger generations, are increasingly turning to c-stores for fresh, high-quality meal options that can compete with fast-casual restaurants. Chains like Wawa, Sheetz, and QuikTrip have led the charge with their made-to-order offerings, forcing others to up their food game.
7-Eleven has responded by expanding its hot food menu and even experimenting with in-store fast-casual restaurants. In 2021, the chain opened its first Raise the Roost Chicken and Biscuits restaurant inside a 7-Eleven store in New York City, with plans for additional locations. The move reflects a broader industry trend towards a "grocerant" model that blends elements of grocery stores, restaurants, and convenience retail.
Healthy Options and Sustainability
Another key trend shaping the c-store competitive landscape is the growing demand for healthier, more sustainable options. Consumers, especially Millennials and Gen Z, are seeking out brands that align with their values and offer products that support their wellness goals. Chains like Kum & Go and Foxtrot are leaning into this trend with curated selections of natural, organic, and plant-based snacks and meals.
Sustainability is also becoming a key differentiator, with chains like 7-Eleven and Circle K investing in renewable energy, EV charging infrastructure, and eco-friendly packaging. 7-Eleven has pledged to reduce its carbon footprint by 50% by 2030, while Circle K has installed EV chargers at hundreds of its stores and aims to have 100% renewable electricity by 2025.
Technology and Digital Integration
Of course, no discussion of the future of convenience would be complete without mentioning technology. The COVID-19 pandemic accelerated the adoption of digital tools like mobile ordering, delivery, and contactless payment, and these trends show no signs of slowing down. 7-Eleven has been at the forefront of this shift with its 7NOW delivery app, which offers 30-minute delivery on thousands of items from participating stores.
But delivery is just the tip of the iceberg. Chains are also experimenting with cashierless checkout, personalized offers, and even AI-powered product recommendations to create a more seamless and tailored shopping experience. 7-Eleven has piloted several "Future of Convenience" concept stores that incorporate these cutting-edge technologies, offering a glimpse into the potential evolution of the c-store format.
The Bottom Line
The convenience store industry is at an inflection point, with changing consumer demands and disruptive technologies upending long-held assumptions about what "convenience" really means. While 7-Eleven remains the undisputed leader by store count and revenue, the competitive landscape is more fluid and dynamic than ever before.
Regional chains like Wawa, QuikTrip, and Sheetz are redefining expectations with their elevated foodservice offerings and unique in-store experiences. At the same time, insurgent brands like Foxtrot and Choice Market are pushing the boundaries of the c-store format with their curated, localized assortments and emphasis on healthy, sustainable options.
To stay ahead of the curve, 7-Eleven will need to leverage its scale and resources to continue innovating across every facet of its business. This may mean accelerating its foodservice initiatives, doubling down on sustainable practices, or even rethinking the core layout and function of its stores to better align with evolving customer needs.
One thing is clear: the convenience store of tomorrow will likely look very different than the fluorescent-lit, Slurpee-slinging stops of yesterday. And in this rapidly changing landscape, the chains that can most effectively anticipate and adapt to shifting consumer preferences will be the ones that come out on top. The convenience wars are heating up, and I for one can‘t wait to see how this wild ride unfolds.
| Competitor | U.S. Store Count | FY 2021 Revenue | Key Differentiators |
|---|---|---|---|
| Casey‘s General Stores | 2,300+ | $9.4B | Small-town focus, pizza program |
| Couche-Tard (Circle K) | 7,000+ | $54.8B (global) | Scale, acquisitions, geographic reach |
| GPM Investments | 3,000+ | $4.1B | Multi-brand portfolio strategy |
| Wawa | 900+ | $13B | Made-to-order food, specialty beverages |
| QuikTrip | 900+ | $11.4B | Fresh food, clean stores, friendly service |
| Sheetz | 600+ | $8.8B | MTO food, touchscreens, craft beer |
| Kum & Go | 400+ | $2.6B | Healthy options, sustainability focus |
Sources: NACS SOI Report, company filings, CSP Daily News, Forbes
