The convenience top 101

#6

Speedway LLC

Headquarters:Enon, Ohio
No. of Stores:1,468
Avg. Store Size:2,500-4,000 sq. ft.
States of Operation:Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, Tennessee, West Virginia, Wisconsin

Speedway is a wholly owned subsidiary of Findlay, Ohio-based Marathon Petroleum Corp., the fifth-largest crude-oil refiner in the United States and the largest in the Midwest. A big point of difference between MPC and other major-oil companies is that it has differentiated its retail business—Speedway—from its distribution brand, Marathon. Marathon brand gasoline is sold through more than 5,100 independently owned locations across 18 states.

Speedway differentiates itself with its highly competitive fuel prices, as well as an emphasis on fresh foods. Annually, in-store sales total $3.2 billion, and the chain pumps more than 3.3 billion gallons of fuel. While the target customer has been the industry-standard 18- to 45-year-old male, Speedway has made strides in reaching female customers through its electronic loyalty program called Speedy Rewards and its take-home meals and fresh, healthy foods.

Speedway focuses on growing share in the markets it serves, and the chain has been aggressive in making acquisitions. It moved into the Pittsburgh market in June 2013, purchasing four stores and rebranding them overnight. A total of 17 stores were added to the chain’s portfolio either as new builds or acquisitions in 2013, and it is frequently mentioned as a potential suitor for Hess’ retail assets. The company has adopted an aggressive new-build growth program, planning 60 to 65 new-build or rebuilt stores per year.

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