Dive Brief:
- Stinker Stores is selling 13 of its convenience stores in Colorado, according to an announcement from Corner Realty, which is coordinating the sale process.
- Most of the stores are located in the greater Denver area, according to Corner Realty’s listing. Bids for the stores are due by April 30, and sales are expected to be finalized by the end of August, according to the announcement.
- Stinker is selling these locations as part of new "portfolio optimization efforts” in which the retailer intends to “sharpen its focus on core assets and capitalize on upcoming development projects,” according to the announcement.
Dive Insight:
Colorado has become one of Stinker’s largest markets since the retailer acquired 40 convenience stores in the state from Bradley Petroleum in 2017. Today, the company has more than 100 locations across the Centennial State as well as Wyoming and its home state of Idaho.
The 13 stores it’s now selling were from the 2017 acquisition, and Stinker has made “significant” renovations and capital expenditures to these locations since then, according to the announcement.
Stinker did not specify why it’s selling these 13 locations in particular. However, in Monday’s announcement, Stinker’s Chairman Nancy Jones suggested the divestiture — which the company is calling Project Polecat — might relate to the company’s new food-focused, large-scale store design, which spans up to 10,000 square feet per location.
The 13 locations Stinker is selling range from 375 square feet to nearly 3,500 square feet, according to Corner Realty’s listing. It’s unclear if these stores offer Stinker’s proprietary foodservice program, Pete’s Eats, which is available in the retailer’s newest stores.
“Stinker Stores is determined to be the leader in our trade areas utilizing our latest store format, serving this and the next generation of food and convenience customers in the Rocky Mountains,” Jones said. “Project Polecat will support this strategic effort and continue to provide significant growth opportunities for our retail leaders across our network.”
Interested parties can buy anywhere from one location up to the entire 13 c-store batch, according to Corner Realty, which said it will also be marketing them to companies outside the c-store industry.
