Could Scale Become Mandatory in Convenience Retail?

Before the discussion begins in earnest, any immediate alarmist calls should be addressed. According to the National Association of Convenience Stores (NACS), A-size operators – or those holding between 1 and 10 stores – make up nearly two-thirds (63%) of all U.S. c-stores, with the total overall store count coming in at 151,975. Notably, this is the same percentage occupied by smaller operators as in 2025.

With that being said, however, mergers/acquisitions and buyouts of middle-size and regional players continues apace, per C-Store Dive’s Jessica Loder.

“Corner Capital found there were 22 c-store M&A transactions through the first half of the year. That’s roughly on pace with last year’s 44 deals and is closing in on the 33 deals the industry saw in 2023. Corner Capital said it’s seen an increase in national and regional ‘consolidators’ looking for companies to acquire, and highlighted acquisitions by Sunoco and Cumberland Farms as emblematic of that trend,” Loder wrote.

“This is reducing the pool of midsized regionals, as they’re getting bought up by larger competitors. ‘Market dynamics continue to favor sellers, with strong interest from national and regional consolidators against a constrained supply of quality acquisition opportunities,’ Corner Capital said,” she added, highlighting a greater-than-usual incentive for smaller players to sell.

Notable sales and acquisitions mentioned by a separate C-Store Dive roundup as of Oct. 5 include:

• Casey’s purchasing a 20-store ASAP General Stores chain in Oklahoma, announced in September.

• Pops Mart selling all of its 54 convenience stores to three buyers, including Sunoco and Petroleum Marketing Group

• Monfort Companies finally completely exiting the space, having begun divestment of its properties in 2023 to buyers such as 7-Eleven and Kent Companies.

• Coen Markets being acquired by Cumberland Farms in a deal involving 54 c-stores across Pennsylvania, Ohio, and Virginia.

• Southwest Georgia Oil buying out Big Boss Stores in a 10-store deal involving locations in the Florida Panhandle.

• BrakeTime Corner Market acquiring 14 convenience stores from its Texas-based competitor in FastLane.

Smaller Operators Continue To Organize, Pushing Forward Despite Increasing Pressure

Despite the mounting pressures caused by competition coming from larger players and a challenging macroeconomic environment, smaller c-store operators don’t appear to be sitting on their laurels.

“An increasingly competitive landscape and persistent financial pressures are making things difficult for the U.S. convenience store industry’s small operators (1-20 stores). Refusing to be defeated by adversity, though, these resilient business owners are pivoting and pushing forward,” wrote Linda Lisanti to preface a Convenience Store News study titled “2026 State of the Small Operator.”

“Big chains are growing stronger and efficient, while small chains like us are facing higher pressure on customer retention and sales volume,” said one retailer who was a study participant.

And in an Oct. 5 thought leadership piece hosted by NACS, the Strategic Alliance of Affiliated Store Owners of America heralded the milestone of playing host to 7,200 members across more than 17 states – a far cry from the 25 stores it kicked off with 15 years ago.

What began as a buying group to allow smaller operators the chance to compete with larger competitors has since evolved to produce educational trade shows, offer in-store tools such as planogram software to members, and get involved in policy as they’ve “leaned into the legislative side at both the state and federal levels.”

Questions for further discussion:

• To what degree is scale becoming a necessity for convenience store operators in the U.S.? Does the recent and ongoing push to enhance c-store offerings with owned brands and food and beverage assortments do further damage to smaller players, or open up opportunity?

• How can independent or regional convenience stores best compete against larger chains, and what levers might they think of pulling on first?

• Can buying groups and shared tech give independents a meaningful advantage in competing against larger c-store operations?