Just saw this article:
https://www.bizjournals.com/dallas/news/2020/02/21/7-eleven-speedway.html
Bloomberg and the Dallas Business Journal are reporting the possibility that Seven & I, the parent company of 7-Eleven, is interested in acquiring Speedway from Marathon Oil. No confirmations yet, although a price of $22 billion was mentioned.
Quote from: -- US 175 -- on February 26, 2020, 06:19:28 AM
Just saw this article:
https://www.bizjournals.com/dallas/news/2020/02/21/7-eleven-speedway.html (https://www.bizjournals.com/dallas/news/2020/02/21/7-eleven-speedway.html)
Bloomberg and the Dallas Business Journal are reporting the possibility that Seven & I, the parent company of 7-Eleven, is interested in acquiring Speedway from Marathon Oil. No confirmations yet, although a price of $22 billion was mentioned.
Crazy how Seven & I thinks that they can get away with this, not something I'd like to happen personally, IMO
Quote from: kevinb1994 on February 26, 2020, 09:28:37 AM
Crazy how Seven & I thinks that they can get away with this, not something I'd like to happen personally, IMO
They probably don't think they're crazy at all for engaging in a perfectly valid business acquisition. What is there to "get away with"?
Quote from: Scott5114 on February 27, 2020, 06:06:26 PM
Quote from: kevinb1994 on February 26, 2020, 09:28:37 AM
Crazy how Seven & I thinks that they can get away with this, not something I'd like to happen personally, IMO
They probably don't think they're crazy at all for engaging in a perfectly valid business acquisition. What is there to "get away with"?
I don't know about this being perfectly valid somehow.
Quote from: -- US 175 -- on February 26, 2020, 06:19:28 AM
Just saw this article:
https://www.bizjournals.com/dallas/news/2020/02/21/7-eleven-speedway.html
Bloomberg and the Dallas Business Journal are reporting the possibility that Seven & I, the parent company of 7-Eleven, is interested in acquiring Speedway from Marathon Oil. No confirmations yet, although a price of $22 billion was mentioned.
EG was also interested at one time, but I guess they changed their minds. IF this goes through, I see a lot of stores being sold to other companies.
Quote from: US71 on February 27, 2020, 06:57:56 PM
Quote from: -- US 175 -- on February 26, 2020, 06:19:28 AM
Just saw this article:
https://www.bizjournals.com/dallas/news/2020/02/21/7-eleven-speedway.html (https://www.bizjournals.com/dallas/news/2020/02/21/7-eleven-speedway.html)
Bloomberg and the Dallas Business Journal are reporting the possibility that Seven & I, the parent company of 7-Eleven, is interested in acquiring Speedway from Marathon Oil. No confirmations yet, although a price of $22 billion was mentioned.
EG was also interested at one time, but I guess they changed their minds. IF this goes through, I see a lot of stores being sold to other companies.
A lot of stores being sold to other companies is the only compromise in this deal that I'd imagine happening.
Quote from: kevinb1994 on February 27, 2020, 06:29:56 PM
Quote from: Scott5114 on February 27, 2020, 06:06:26 PM
Quote from: kevinb1994 on February 26, 2020, 09:28:37 AM
Crazy how Seven & I thinks that they can get away with this, not something I'd like to happen personally, IMO
They probably don't think they're crazy at all for engaging in a perfectly valid business acquisition. What is there to "get away with"?
I don't know about this being perfectly valid somehow.
Seven & I gives Marathon $22 billion. Marathon gives Seven & I Speedway.
What's not valid about that?
Quote from: Scott5114 on February 27, 2020, 08:32:16 PM
Quote from: kevinb1994 on February 27, 2020, 06:29:56 PM
Quote from: Scott5114 on February 27, 2020, 06:06:26 PM
Quote from: kevinb1994 on February 26, 2020, 09:28:37 AM
Crazy how Seven & I thinks that they can get away with this, not something I'd like to happen personally, IMO
They probably don't think they're crazy at all for engaging in a perfectly valid business acquisition. What is there to "get away with"?
I don't know about this being perfectly valid somehow.
Seven & I gives Marathon $22 billion. Marathon gives Seven & I Speedway.
What's not valid about that?
That's a lot of billions buddy...
So?
It's worth whatever someone is willing to pay for it. Business valuations are more art than science; there's no way to tell how much a going concern is really worth. You can tally up the physical assets, but that doesn't take into account the know-how of the personnel, any unique advantages the business has over its competitors, customer base, brand equity, etc. Turning all that into a dollar amount is basically just guessing. So it's worth whatever someone is willing to fork over to own it.
Leaving out the hysteria (imagine, a company acquiring a similar company, but there still being 1000s of competitors with none having anything close to a monopoly, oh the horror) , there are a couple of issues.
Speedway, as outlined in another thread, just finished absorbing the Hess chain, and if the acquisition involves rebranding, would embark on yet another.
Speedways, at least the "old" ones, (have not been in an ex Hess yet) are generally smaller and laid out very differently than 7-11s.
Speedway just signed a long term sponsorship deal with Indy cars, which works for that name in a unique way.
Most importantly, 7-11 has a complex history, one effect of which is that it sold its name off in large parts of the country to unrelated entities. In my state, for example, the handful of 7-11s are unrelated to the corporation and can use any trademark in use when they bought in in the 70s, but nothing new. Totally different stores than other places. Lots of place like that.
And, of course, there are places with existing stores of both brands too close.
Might be better just to buy Speedway and leave it under that name, at least for a while.
Quote from: kevinb1994 on February 27, 2020, 11:28:20 PM
Quote from: Scott5114 on February 27, 2020, 08:46:55 PM
So?
It's really not supposed to be worth that much.
Buy the company, run the price up, then sell it off in pieces. Worked for Fast Eddie. ;)
I worked for the old Road Runner c-store chain that was based in Texarkana. When TOTAL bought them out, they slowly closed a lot of RR's. A few remained open as Total stations , which we were assured would never happen. They also promised pay raises, but instead cleaned out management and employees.
7-11 has had a lot of struggles trying to get a foothold in the the Columbus metro. Many locations have opened and closed over the years in the area. Speedway, on the other hand, has lots of flourishing locations in this market.
Quote from: SP Cook on February 28, 2020, 10:24:51 AM
Speedways, at least the "old" ones, (have not been in an ex Hess yet) are generally smaller and laid out very differently than 7-11s.
The ex-Hess stores (at least most of them) are tiny and barely even qualify as convenience stores. They might be looking to upgrade them over time, though - this one (https://www.google.com/maps/@43.0961033,-77.5819196,3a,26.2y,75.1h,85.07t/data=!3m6!1e1!3m4!1sKO014fzUjFF7D96U3qtyWA!2e0!7i13312!8i6656) is now an Exxon while the Sunoco next to the McDonalds on the other corner is now a nicer (how nice, I'm not sure; haven't been there since the switch) Speedway.
I'm pretty sure I was in an ex-Hess location in South Carolina a few years ago. It was very roomy and clean. You could tell they were in the process of converting (still a lot of green inside, instead of red and blue).
I've noticed that there's little consistency in 7-Eleven locations, as opposed to places like Speedway, Sheetz, etc.
7-Eleven will run Speedway into the ground, then walk away with the tax write-off. :ded:
In Florida you can find two 7 Elevens on one street corner. Many cause Mobil struck a deal with them where some Mobils were already across the street from an original store, so you have two. Kirkman and LB McCleod in Orlando comes to mind. Both on the NB side of Kirkman as well.
In Spring Hill, Florida, you can find a 7-Eleven that sells Mobil Gas on the northeast corner of Barclay Avenue (HCR 585) and Spring Hill Drive (HCR 574), a 7-Eleven that replaced an A-Plus convenience store inside a Sunoco gas station on the southeast corner of Barclay Avenue (HCR 585) and Cortez Boulevard (FL SR 50), and an all 7-Eleven gas station and convenience store on the southeast corner of FL 50, east side of Winter Street and northeast corner of Winter Street and Wiscon Road (HCR 570). And those are hardly the only 7-Elevens in this unincorporated suburb in southwestern Hernando County.
Quote from: renegade on March 01, 2020, 12:59:56 PM
7-Eleven will run Speedway into the ground, then walk away with the tax write-off. :ded:
Only the under performing locations. I saw a lot of this when E-Z Mart acquired Spe-Dee Mart and Total acquired Road Runner.
Speedway is in the middle of a massive addition to their HQ in tiny Enon, Ohio. It will be interesting to see what happens with the space if they are acquired. While it is located in a very small market in west-central Ohio, it does have good highway visibility.
https://www.google.com/maps/@39.8899232,-83.9293768,3a,75y,140.63h,86.29t/data=!3m6!1e1!3m4!1sP_-R0GXgZEeZwS3_UOwGbQ!2e0!7i16384!8i8192
The trees make it hard to see.
Quote from: GCrites80s on March 03, 2020, 11:02:01 PM
Speedway is in the middle of a massive addition to their HQ in tiny Enon, Ohio. It will be interesting to see what happens with the space if they are acquired. While it is located in a very small market in west-central Ohio, it does have good highway visibility.
https://www.google.com/maps/@39.8899232,-83.9293768,3a,75y,140.63h,86.29t/data=!3m6!1e1!3m4!1sP_-R0GXgZEeZwS3_UOwGbQ!2e0!7i16384!8i8192
The trees make it hard to see.
Theoretically, it could become a regional office.
Looks like the deal may be off:
https://www.cspdailynews.com/mergers-acquisitions/7-eleven-parent-dropping-bid-speedway-report
Quote from: US71 on March 05, 2020, 09:47:17 AM
Looks like the deal may be off:
https://www.cspdailynews.com/mergers-acquisitions/7-eleven-parent-dropping-bid-speedway-report (https://www.cspdailynews.com/mergers-acquisitions/7-eleven-parent-dropping-bid-speedway-report)
Guess I was right after all...
Deal is back on, as first posted in the Travel board by US71
https://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook
Quote from: ilpt4u on August 02, 2020, 09:19:48 PM
Deal is back on, as first posted in the Travel board by US71
https://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook
Everyone thought for sure
Couch-Turd Couche-Tard would walk away with tham.
Quote from: US71 on August 03, 2020, 12:15:42 PM
Quote from: ilpt4u on August 02, 2020, 09:19:48 PM
Deal is back on, as first posted in the Travel board by US71
https://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook (https://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook)
Everyone thought for sure Couch-Turd Couche-Tard would walk away with tham.
They ended up having to pay alimony.
Quote from: ilpt4u on August 02, 2020, 09:19:48 PM
Deal is back on, as first posted in the Travel board by US71
https://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook
So, if I'm reading this right, this means all the Speedway stores would become 7-Elevens? :hmm:
Quote from: LM117 on August 03, 2020, 04:44:49 PM
Quote from: ilpt4u on August 02, 2020, 09:19:48 PM
Deal is back on, as first posted in the Travel board by US71
https://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook
So, if I'm reading this right, this means all the Speedway stores would become 7-Elevens? :hmm:
So far, that's the way it's looking, although nothing has been stated definitely one way or the other. All the acquisitions I've seen from them, have been a branding change to 7-Eleven. The one exception (as of now) was their recent-years buyout of the south TX-based chain Stripes. All of those have remained Stripes-branded, but 7-Eleven might change its mind about that later.
I think my favorite acquisition of theirs is when 7-Eleven bought out 7-Eleven.
(Seven & I buying out the local 7-Eleven of Oklahoma, that is. So far the only real change is they offer the lottery now, and Icy Drinks are now branded as Slurpee, which I understand everyone else in the world is used to, but I'm still trying to get my head around someone trying to sell me a drink with 'pee' prominently in the name.)
Quote from: LM117 on August 03, 2020, 04:44:49 PM
Quote from: ilpt4u on August 02, 2020, 09:19:48 PM
Deal is back on, as first posted in the Travel board by US71
https://www.reuters.com/article/us-marathon-ptrlum-speedway-seven-i-hldg-idUSKBN24Y0RT?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook
So, if I'm reading this right, this means all the Speedway stores would become 7-Elevens? :hmm:
That’s sad if this is the case, because we’ve had 7-11 for a long time in the Salt Lake area but didn’t have any Speedways until the last year or two, when several locations popped up in the area. Most of them used to be Shells, but at least one was previously Tesoro...which interestingly enough is right next to the Marathon (ex-Tesoro) refinery northwest of downtown.
(As a side note, I think that was the last Tesoro location in the area. Most/all of their other stations became Sinclairs around four years ago.)
In Fremont, NC (where I grew up), there's a Speedway on US-117. If it becomes a 7-Eleven, this will be the gas station's 4th name. It was originally Citgo when it was built in the early 2000's, then it became Hess not long afterwards and stayed that way until the recent Speedway takeover.
So 7-Eleven is paying $21 Billion for Speedway. I wonder how much more it was cost to change all the signs?
^A lot. Rebrandings are very expensive. A friend of mine bought a few local video game stores and to get them all under the same umbrella it cost $100,000 just for signs inside and out, logo design, marketing materials, website changes etc. Most exterior signs had to be different sizes since the units had different sign spaces -- lit, unlit, some were lenses while others were 3D.
Back when Speedway acquired Super America the changeover took years. And you can still kinda tell where a Speedway used to be a Super America.
The Speedway gas station nearest my house is about 2 blocks from a 7-Eleven. I wonder if they will keep both going. The 7-Eleven doesn't have gas, but it's a larger building than Speedway.
Quote from: GCrites80s on August 06, 2020, 10:11:48 PM
Back when Speedway acquired Super America the changeover took years. And you can still kinda tell where a Speedway used to be a Super America.
Quote from: GaryV on August 07, 2020, 09:16:39 AM
The Speedway gas station nearest my house is about 2 blocks from a 7-Eleven. I wonder if they will keep both going. The 7-Eleven doesn't have gas, but it's a larger building than Speedway.
When Marathon bought Ashland, and thus Speedway took over SuperAmerica, there were lots of Speedways and SAs in close proximity. I lived in Winchester and worked in Frankfort at the time. There were two of each in Winchester, including a new SA that was built about a mile from an existing Speedway, and an older Speedway that was less than a mile from an established SA. The older speedway that was basically just a gas station with a few snacks and cigarettes sold inside closed. Then many years later, the old downtown location was torn down and a new one built.
In Frankfort, there was one of those smaller Speedways just down the street from SA on Versailles Road (US 60), my route out of town when I was commuting. I often got gas at the Speedway because it was easier to get in and out of. It ended up closing and the bigger SA converted to Speedway.
7-Eleven doesn't have a major presence in my area, but SuperAmerica was ubiquitous in eastern Kentucky and southern West Virginia because of the presence of the Ashland refinery.
Quote from: GaryV on August 07, 2020, 09:16:39 AM
The Speedway gas station nearest my house is about 2 blocks from a 7-Eleven. I wonder if they will keep both going. The 7-Eleven doesn't have gas, but it's a larger building than Speedway.
There are several spots around Dallas where 7-Eleven bought all the local corporate Exxon or Mobil locations (as well as a previous acquisition of several area Shell locations), which in some cases left 7-Eleven with acquired locations across the street from (or down the street from) existing 7-Elevens. So far, all have remained open.
The Giant convenience stores in this part of the country were rebranded to Speedway not yet a year ago. If they are to be rebranded again, that would be a lot of rebranding in a relatively short time.
The closest Speedway and 7-Eleven near me are fairly close together. The 7-Eleven doesn't have gas, as is the case with almost all of them in New England.
Reminder to self to use my Speedway points soon before they disappear on me.
Has anyone seen any Speedway be converted to 7/11
SM-G996U
I haven't seen any store conversions here in NJ, but I am now noticing 7-Elevens was fuel stations being built around here when previously they were never seen. This started about a year or so ago. Competition in the C-store+fuel market is getting a bit crowded in the North Jersey market between WaWa expanding, QuickChek (now part of Murphy USA) getting into fuel, and now 7-Eleven getting into the action.
Quote from: ibthebigd on October 08, 2022, 10:09:53 PM
Has anyone seen any Speedway be converted to 7/11
SM-G996U
None at all within my corner of the world.