Circle K’s American Odyssey: From Desert Grocer to Convenience Kingpin

3 hours ago
17 min read

Illustrative picture, Circle K C/Store, built 2023

Circle K’s signature red-and-white logo has become a familiar sight along American highways. The chain’s thousands of convenience stores – often paired with fuel pumps under brands like Shell or Circle K’s own – beckon road-trippers for gas, coffee, and snacks. Circle K is now the nation’s second-largest convenience store operator, an industry fixture that traces its roots to a single store in the Texas desert and today stretches across 48 states.

Humble Origins and Expansive Ambitions

Circle K’s journey began far from the corporate towers of today’s retail giants. In 1951, a young entrepreneur named Fred Hervey purchased three small grocery outlets called Kay’s Food Stores in El Paso, Texas. Hervey rechristened them “Circle K Food Stores” – opting for a “K” inside a circle as a catchy new brand – and steadily expanded across the Southwest. By 1957, the company’s home base had shifted to Phoenix, Arizona, and Circle K was growing into neighboring states. Hervey, who later served two terms as El Paso’s mayor, had laid the foundations of a regional convenience player.

Circle K truly hit its stride under the leadership of Karl Eller in the 1980s. Eller, a Phoenix businessman who became CEO in 1983, aggressively built Circle K into the nation’s second-largest convenience store chain by decade’s end. Under Eller, Circle K swelled to over 4,600 stores across 32 states by 1990, plus another 1,300 licensed stores abroad. Annual sales surged from under $1 billion to more than $3 billion during the 1980s boom. But rapid growth came at a cost: the late-’80s economic slowdown left Circle K overextended and struggling with debt. In 1990 the company filed for Chapter 11 bankruptcy protection, a stunning fall for a onetime industry darling. Eller resigned as CEO amid the turmoil, and hundreds of underperforming stores were shuttered.

Through the early 1990s, Circle K got passed through a succession of owners. It emerged from bankruptcy in 1993 under Investcorp, a global investment group. Soon after, in 1996, the chain was sold to Tosco Corporation – an oil refiner eager to integrate convenience retail with its fuel business. Tosco kept Circle K’s Phoenix headquarters and used the stores to sell Tosco’s gasoline. This alignment with Big Oil was short-lived: Tosco itself was acquired by Phillips Petroleum in 2001, which merged into ConocoPhillips in 2002. Amid this industry consolidation, Circle K’s ownership was again in play – and a Canadian suitor was waiting in the wings.

A Canadian Parent and a Unified Brand

In 2003, Alimentation Couche-Tard, a Quebec-based convenience store operator, purchased Circle K from ConocoPhillips for about $830 million. For Couche-Tard’s founder, Alain Bouchard, it was a transformative deal: Circle K instantly gave the Canadian company a major foothold in the U.S. market. Over the following years, Couche-Tard (French for “night owl,” a nod to late-night shoppers) folded its existing U.S. stores into the Circle K banner. What had been a patchwork of regional brand names – Dairy Mart and Handy Andy in the Midwest, Mac’s in Canada, Circle K in the Southwest – gradually became a unified Circle K brand across North America.

That unification went global in 2015, when Couche-Tard unveiled a refreshed Circle K logo and announced it would deploy the Circle K brand worldwide. The company began phasing out legacy banners it had acquired: Mac’s in English-speaking Canada, Statoil in Scandinavia, Kangaroo Express in the U.S. South, and others were rebranded to Circle K. (Notably, Couche-Tard chose to retain its original Couche-Tard owl logo on stores in Quebec, out of respect for that province’s distinct brand heritage.) This global brand strategy introduced a consistent red-and-orange Circle K identity – complete with a stylized “K” at its center – to thousands of stores spanning from Arizona to Ireland and beyond.

Behind the scenes, the ownership structure is straightforward: Circle K is wholly owned by Alimentation Couche-Tard Inc., a publicly traded company based in Laval, Quebec. Couche-Tard’s strategy has been to let acquired chains operate under familiar local brands initially, but ultimately harmonize the portfolio under Circle K as a singular global brand. Today, Couche-Tard uses Circle K as its primary banner in 24 countries, making it one of the world’s largest convenience retail brands. The company’s U.S. subsidiary, Circle K Stores Inc., is headquartered in Tempe, Arizona – not far from Circle K’s historical Phoenix base.

Couche-Tard’s influence shapes Circle K’s strategic direction. The Canadian parent is known for disciplined cost control, a focus on fuel profitability, and an unabashed appetite for growth via acquisition. “Our approach to M&A has not changed at all,” newly appointed CEO Alex Miller said in late 2024. “We think it’s important to keep looking for the right deals”. Under Couche-Tard, Circle K has indeed been an aggressor – expanding its U.S. footprint dramatically (and even attempting audacious takeovers) as it pursues a vision to be the world’s preeminent convenience and mobility retailer.

Coast-to-Coast Footprint and Format

From its desert Southwest origins, Circle K now spans the American map. The chain operates in 48 states, every one except Utah and Nebraska. As of 2025, Circle K counts roughly 7,300 stores across the United States – a coast-to-coast footprint second only to 7‑Eleven’s. These include a mix of company-operated locations and franchised stores, though the majority in the U.S. are company-owned for tighter control. The largest concentrations of Circle K stores are found in states like Arizona (home turf), Florida and Texas (bolstered by acquisitions of regional chains), and Louisiana. In fact, Louisiana hosts the greatest number of Circle K outlets of any state – a legacy of the 2015 Kangaroo Express acquisition that gave Circle K a strong Gulf Coast presence.

Most Circle K sites follow the classic American gas station convenience store format: a modest building (often 2,500–3,000 square feet) offering snacks, drinks, and essentials, paired with a forecourt of fuel pumps. Circle K typically sells fuel under major oil brands like Shell, Valero, BP or its own Circle K fuel brand. Approximately 87% of Circle K stores worldwide include gas stations, and the U.S. network is even more fuel-centric. This fuel focus has historical roots – recall that Circle K was owned by oil companies in the 1990s – and remains a key part of the business model. Still, not all Circle K stores are highway pit stops. In certain urban markets, Circle K operates smaller neighborhood convenience stores without fuel, catering to foot traffic with coffee, sandwiches, and groceries. And some legacy brands persist: in the Upper Midwest, a number of former Holiday Stationstores (acquired in 2017) still operate under the Holiday name, known for their expansive layouts and foodservice, though Couche-Tard has begun rebranding a few to Circle K as a pilot.

Within the Circle K portfolio are several proprietary programs and sub-brands that shape its identity. For instance, the chain’s Polar Pop fountain drinks – enormous sodas in insulated cups – have a cult following in many states. Its “Simply Great Coffee” offers inexpensive brew on the go, while the newer “Fresh Food, Fast” initiative aims to bring a broader menu of hot foods and packaged sandwiches into stores. Circle K inherited a robust foodservice playbook from the Holiday chain, which had popular breakfast items and pizzas; integrating those offerings system-wide has been a work in progress. “When we first rolled out our food program, it was too complex,” admits CEO Alex Miller, reflecting on some early missteps in translating Holiday’s model to thousands of Circle K stores. The company has since simplified menus and operations – “we have learned from our mistakes… and we’re in action now,” Miller told investors – in a bid to boost food sales. Food and beverage offerings, from takeaway tacos to private-label snacks, are crucial to Circle K’s brand differentiation as it strives to be more than just a gas stop.

Financial Muscle: Revenues, Profits and People

Circle K’s U.S. operations are a cornerstone of Couche-Tard’s financial empire. Industry estimates peg Circle K’s U.S. revenue at around $45 billion annually, out of Couche-Tard’s global revenue of $71.9 billion. That U.S. figure includes both fuel sales (by far the largest portion) and in-store merchandise sales. Despite the thin margins typical of fuel retailing, Circle K manages to deliver healthy profits. Analysts estimate the U.S. business earned roughly $3.4 billion in operating profit in the last year – implying a profit margin near 7.5%, which is robust for this industry. In fact, Circle K’s U.S. margins have lately outpaced those of archrival 7‑Eleven, thanks in part to strategic pricing and cost efficiencies. Couche-Tard’s knack for squeezing costs (from supply chain to staffing) and optimizing fuel pricing is well known, and those skills have translated into bottom-line gains for Circle K.

On the retail side, in-store sales (the snacks, drinks, cigarettes and lottery tickets shoppers buy inside the convenience store) are critical for profitability. These products carry far higher margins than gasoline. “High-margin items like food and beverages [boost] the store’s profit” even when fuel margins are under pressure. This mix helps Circle K weather volatile fuel markets. When oil prices spike and drivers cut back, fuel revenues might drop – but ironically, fuel marginscan widen during those periods or when oil prices fall. Circle K, like its peers, has learned to balance this trade-off: lean times in fuel can be offset with more coffee and sandwich sales, and vice versa. The result is relatively steady overall profitability despite swings at the pump.

Circle K’s workforce is another measure of its scale. In North America, Couche-Tard employs about 99,000 people across its stores and support functions. The bulk of those employees are in the United States, staffing Circle K’s thousands of outlets 24 hours a day. All told, Circle K’s parent had ~149,000 employees worldwide as of 2025, meaning roughly two-thirds of the entire company’s personnel work in the U.S. business. This army of frontline cashiers, store managers, truck drivers, and support staff is the human engine behind those billions in sales. Labor is one of the industry’s biggest expenses – running a convenience store requires multiple shifts and around-the-clock coverage – but it’s also key to competitive advantage. Couche-Tard often credits its employees for providing friendlier service than the competition, a cultural point of pride dating back to the company’s Québécois roots. Still, labor pressures like higher wages have been felt in recent years, pushing retailers like Circle K to invest in automation technologies (from self-checkout kiosks to electronic shelf labels) in hopes of controlling costs over time.

Competitive Landscape: Battling 7‑Eleven, Wawa and the Rest

In the United States, Circle K faces intense competition on all fronts – from global giants to regional upstarts. Its chief rival is 7‑Eleven, the Texas-based (and Japanese-owned) behemoth that holds the #1 spot in convenience retail. 7‑Eleven operates roughly 13,000 stores in the U.S. after its 2021 acquisition of the Speedway chain, vaulting it well ahead of Circle K in store count. By revenue, 7‑Eleven also leads: it commands an estimated 35% of U.S. convenience store industry sales, while Circle K accounts for about 26%. That gap widened after 7‑Eleven’s big Speedway deal, which added nearly 4,000 stores to its network. Even so, Circle K remains a formidable #2 player, with roughly a quarter of the market and a presence in nearly every region. “No one else has our geographic breadth except 7‑Eleven,” former CEO Brian Hannasch once observed, highlighting how the two dominate certain metrics of scale.

But size isn’t everything in this fragmented industry. The convenience store and gas station sector is so expansive – over 148,000 stores nationwide – that even the top chains hold only modest shares in the grand scheme. Besides 7‑Eleven and Circle K, most other competitors are either regional powerhouses or oil-company affiliated chains. Wawa, Inc., for example, operates only along the East Coast yet boasts nearly 14% of U.S. convenience store revenue thanks to its high-volume stores in Mid-Atlantic markets. Wawa’s emphasis on made-to-order fresh food (hoagie sandwiches and gourmet coffee) has built a devoted customer base and formidable per-store sales – illustrating a different strategy to challenge Circle K. In the Midwest and Great Plains, Casey’s General Stores has over 2,500 stores and is known for its pizza and small-town ubiquity, while chains like Sheetz and Pilot/Flying J dominate the traveler and truck-stop niche with large-format stores. All these rivals compete for slices of the on-the-go consumer’s wallet.

Crucially, the market remains highly fragmented. Fully “81% of revenue” in the U.S. gas station/convenience store industry belongs to smaller operators and independents – everyone from one-store family businesses to regional chains with a few hundred locations. This fragmentation means Circle K not only battles the 7‑Elevens of the world but also local incumbents on every corner. It’s a landscape where the top four firms combined still control well under a fifth of all convenience outlets. Even a hypothetical merger of Circle K and 7‑Eleven (more on that later) would “produce an entity that controls almost a fifth of the market,” as retail analyst Neil Saunders noted – meaning the majority of the market would still lie outside their grasp. In other words, mom-and-pop gas stations and midsize regional chains collectively remain a formidable competitive force, keeping prices keen and innovation flowing. This low market concentration has also helped Circle K and others argue that further consolidation won’t unduly harm competition, a point of contention with regulators.

Against this competitive backdrop, Circle K has embraced a strategy of differentiation and modernization. The company knows it cannot beat 7‑Eleven simply by outbuilding stores; instead, it focuses on operational efficiency and targeted offerings. For instance, Circle K has leaned into fuel discounts and promotions to lure price-sensitive drivers – periodically offering “fuel day” discounts or tying gas savings to its new loyalty program. At the same time, it has watched Wawa and Sheetz set the bar for fresh food and is determined to improve its own foodservice game (hence the Fresh Food, Fast overhaul in stores). Circle K’s scale gives it bargaining power with suppliers and the ability to roll out initiatives nationally, but the chain must also stay attuned to local competition in each market – whether that’s matching the barbecue brisket sandwich special of a Texas rival, or the aggressive fuel price of an independent station across the street.

Illustrative picture, Circle K C - Store, offering Exxon diesel fuel

Recent Moves: Tech, EVs and Transformative Deals

In the past few years, Circle K has embarked on a flurry of strategic moves to secure its future in a changing retail landscape. One priority has been digital transformation – bringing convenience retail into the smartphone era. In 2021, Circle K piloted “frictionless checkout” technology at a store in Phoenix, letting customers grab items and leave without stopping at a register. The system, powered by cameras and AI similar to Amazon’s Go stores, automatically charges shoppers through a mobile app. By 2023, Circle K was expanding these autonomous checkout tests to a handful of locations in Arizona. The goal is to eliminate checkout lines and speed up the pit-stop experience. At fuel pumps, the company introduced an app-based “pay by plate” system: drivers register their license plate and payment method, fill up, and drive off – the pump recognizes the vehicle and bills automatically. These innovations, while still experimental, signal Circle K’s push to blend technology with convenience. As one industry observer noted, the chain is striving for a “frictionless customer experience” and more data-driven decision-making in operations.

Perhaps the most visible digital initiative has been the launch of Circle K’s new loyalty app, “Inner Circle.” Rolled out in mid-2023, Inner Circle is a tiered rewards program that gives members fuel discounts and free items in exchange for their repeat business. By late 2023 it had already reached over 5,000 stores across 30 states, enticing customers with perks like $0.10 off per gallon and every sixth coffee free. The program upgrades frequent shoppers to higher tiers with greater discounts once they spend $500 at Circle K. This modern loyalty scheme replaces an older, more limited program and is meant to rival 7‑Eleven’s popular rewards app. “We now have over 4,000 locations on Inner Circle,” Couche-Tard’s leadership touted in early 2024 as the rollout continued. By capturing customer purchase data and driving repeat visits, Circle K hopes loyalty rewards will increase both fuel gallons sold and in-store sales like coffee and breakfast sandwiches – strengthening ties with consumers at a time when competition for morning coffee runs is fierce. (One cautionary note: a highly publicized experiment with a $5.99/month beverage subscription, Sip & Save, was discontinued in 2024 after a three-year run, suggesting that not every digital-era idea pays off. The company quietly sunset the all-you-can-drink plan, focusing instead on the broader Inner Circle program.).

Another strategic frontier is the shift to electric vehicles (EVs) and new fuel types. Circle K is actively preparing for a future where not all traffic is filling gasoline tanks. In 2022, Couche-Tard announced a major EV charging initiative: a two-year plan to install fast-charging stations at 200 Circle K and Couche-Tard stores across North America. The rollout, which targeted sites in the U.S. and Canada by the end of 2024, marked Circle K’s first significant EV charging footprint on this side of the Atlantic. (In Norway and Sweden, Circle K was already a leading EV charging provider, thanks to an early adoption wave in those countries.) By mid-2024, the first U.S. fast chargers were live at Circle K sites in states like California and Virginia. The company has even developed a Circle K Charge app to let EV drivers find stations and pay seamlessly. “We see EVs as an opportunity, not just a threat,” a Couche-Tard executive told analysts, highlighting that convenience stores can sell electricity along with coffee and snacks to drivers who stop for a 20-minute charge. Circle K’s approach is to integrate chargers into existing sites where possible, often starting with a handful of 150 kW fast-charge ports per location. While EV adoption in the U.S. is still nascent, Circle K’s investment signals a strategic toe in the water for the electric future – ensuring the brand remains relevant as transportation evolves. In parallel, the company has also dabbled in alternatives like propane refilling, and is closely watching hydrogen fuel technology, though those are less immediately impactful than EV charging for passenger cars.

No recounting of Circle K’s recent moves would be complete without its bold plays in mergers and acquisitions. Couche-Tard has long been an aggressive acquirer – Alain Bouchard famously quipped that he keeps a “list of dream targets” in his pocket. In the U.S., after digesting major buys like Circle K (2003), The Pantry/Kangaroo (2015), CST/Valero’s Corner Store chain (2017), and Holiday (2017), the company remained hungry. In 2020, Couche-Tard made headlines with a bid to acquire Marathon’s Speedway stores, but it ultimately lost out to 7‑Eleven’s $21 billion offer. Undeterred, Couche-Tard soon turned its sights even higher: in late 2023 it launched a stunning takeover attempt for Seven & i Holdings, the Tokyo-based owner of 7‑Eleven. The Canadian suitor offered approximately $47 billion for Seven & i in a bid to merge the world’s two largest convenience store empires. Seven & i’s board rebuffed the unsolicited offers – which Couche-Tard insisted were “friendly, mutually agreeable” overtures – and by mid-2025, after months of talks and a sweetened bid, Couche-Tard withdrew its proposal. The ambitious gambit underscored Circle K’s parent’s insatiable growth appetite, even though it didn’t come to fruition. Regulators and analysts had already been voicing skepticism that combining #1 and #2 in the U.S. wouldn’t fly easily. Alain Bouchard, for his part, maintained that Couche-Tard’s offer was meant to be amicable and that a merger would “be good for 7‑Eleven’s business” in the long run. It was a moonshot attempt to reshape the industry’s landscape overnight.

While the mega-merger remained elusive, Couche-Tard kept busy snapping up smaller U.S. chains to bolster Circle K. In November 2023, it completed a deal to acquire 112 convenience stores from MAPCO Express, expanding Circle K’s reach in Tennessee, Alabama and Kentucky. Around the same time, Couche-Tard agreed to buy Big Red Stores, a 45-store chain in Arkansas, which closed in April 2023. And in a significant mid-2024 move, Couche-Tard struck a $1.6 billion agreement to purchase GetGo – a 270-store convenience chain in the Midwest operated by grocery company Giant Eagle. The GetGo acquisition, finalized in June 2025, gives Circle K a stronger foothold in states like Pennsylvania and Ohio. (To appease the FTC, Couche-Tard agreed to divest 35 stores in overlap markets as part of the GetGo deal, illustrating the regulatory caution around even medium-sized combinations.) These moves show that even as organic growth is emphasized, Circle K’s expansion continues through targeted acquisitions. The company has also branched into complementary businesses – notably car washes, with the 2022 purchase of True Blue Car Wash giving Couche-Tard a platform to sell unlimited wash subscriptions and cross-promote with Circle K fuel customers.

Underlying many of these strategic initiatives is the evolving industry context that Circle K must navigate. The convenience retail business is tied closely to economic and social trends. In the post-pandemic era, Americans have returned to the roads: long-distance driving and commuting have rebounded, boosting fuel demand. With gasoline prices oscillating from record highs to steep drops, retailers have seen revenue swings but also margin opportunities – for instance, recent industry data noted that consumers have even been “trading up” to premium gasoline grades, which pads retailers’ top line. Meanwhile, inflation in food and beverage prices has challenged convenience stores to keep their $1 coffee and $2 hot dog offerings attractive without sacrificing too much margin. Customer behavior is shifting as well: today’s convenience store patrons increasingly expect higher-quality coffee, fresh-prepared meals, healthy snack options, and frictionless service. The old stereotype of the dingy gas mart is fading as leaders like Circle K renovate stores, add bright lighting and fresh food cases, and even incorporate seating areas or made-to-order kitchens in larger locations.

Circle K finds itself in a balancing act of the ages: sustaining its legacy core business (fuel and cigarettes still drive a huge chunk of sales) while pivoting to the future of mobility and consumer taste. The chain has proven resilient through many cycles – from oil shocks to recessions to pandemic lockdowns – by adapting and leaning on its parent’s savvy. As electric charging stations appear next to gasoline pumps, and mobile apps supplement the old “cashier and keychain” loyalty stamps, Circle K is determined to remain, in the words of its leadership, the “one-stop shop for on-the-go Americans.”It is a long way from that first little store in El Paso. Yet the spirit of quick convenience – a store where you can fill your tank, grab a cold drink and a bite, and be on your way – continues to define Circle K’s place in the sprawling American landscape. The logo on the horizon is familiar, the offerings ever-evolving, and the competition fierce. But with deep-pocketed Couche-Tard behind it and a relentless drive to innovate, Circle K is firmly entrenched as a leader of its industry – an American convenience kingpin that shows no signs of slowing down.

February 20, 2026, by collective of authors at MMCG Invest, LLC, fuel station feasibility study consultant

Sources:

Public / primary sources (company filings, press releases)

Alimentation Couche‑Tard Inc. “Annual Information Form (AIF) for the Fiscal Year Ended April 27, 2025 (Re‑Filed).” PDF. June 2025. https://filecache.investorroom.com/mr5ircnw_alimentationcouchetard/1226/download/2025%20AIF%20-%20EN%20%28April%2027%2C%202025%29%20%28Re-Filed%29.pdf (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Winning the Customer: Annual Report 2025.” PDF. June 25, 2025. https://filecache.investorroom.com/mr5ircnw_alimentationcouchetard/1195/download/COTA086_ACT_Annual%20Report_PRINT_EN_20250626_v2.pdf (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Annual Report 2024.” PDF. June 25, 2024. https://filecache.investorroom.com/mr5ircnw_alimentationcouchetard/400/COTA78_ACT_Annual-Report_WEB_EN_20240626.pdf (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Alimentation Couche‑Tard Announces Its Results for Its Fourth Quarter and Fiscal Year 2025.” Press release. June 25, 2025. https://corporate.couche-tard.com/2025-06-25-ALIMENTATION-COUCHE-TARD-ANNOUNCES-ITS-RESULTS-FOR-ITS-FOURTH-QUARTER-AND-FISCAL-YEAR-2025 (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Alimentation Couche‑Tard Announces Its Results for Its Fourth Quarter and Fiscal Year 2024.” Press release. June 25, 2024. https://corporate.couche-tard.com/2024-06-25-ALIMENTATION-COUCHE-TARD-ANNOUNCES-ITS-RESULTS-FOR-ITS-FOURTH-QUARTER-AND-FISCAL-YEAR-2024 (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Alimentation Couche‑Tard to Acquire GetGo Café +Markets Stores from Giant Eagle.” Press release. August 19, 2024. https://corporate.couche-tard.com/2024-08-19-ALIMENTATION-COUCHE-TARD-TO-ACQUIRE-GETGO-CAFE-MARKET-STORES-FROM-GIANT-EAGLE (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Alimentation Couche‑Tard Enters into a Definitive Agreement to Acquire 112 Fuel and Convenience Sites from MAPCO Express Inc.” Press release. April 27, 2023. https://corporate.couche-tard.com/2023-04-27-ALIMENTATION-COUCHE-TARD-ENTERS-INTO-A-DEFINITIVE-AGREEMENT-TO-ACQUIRE-112-FUEL-AND-CONVENIENCE-SITES-FROM-MAPCO-EXPRESS-INC (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Alimentation Couche‑Tard Enters into a Definitive Agreement to Acquire Big Red Stores.” Press release. February 27, 2023. https://corporate.couche-tard.com/2023-02-27-ALIMENTATION-COUCHE-TARD-ENTERS-INTO-A-DEFINITIVE-AGREEMENT-TO-ACQUIRE-BIG-RED-STORES (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Couche‑Tard Begins U.S. EV Charging Rollout, Eyes 200 Sites Across North America by 2024.” Press release. May 20, 2022. https://corporate.couche-tard.com/2022-05-20-COUCHE-TARD-BEGINS-U-S-EV-CHARGING-ROLLOUT%2C-EYES-200-SITES-ACROSS-NORTH-AMERICA-BY-2024 (accessed February 20, 2026).

Alimentation Couche‑Tard Inc. “Circle K Introduces Fully Frictionless Checkout Experience in Arizona to Enhance Ease and Convenience for Customers.” Press release. October 12, 2021. https://corporate.couche-tard.com/2021-10-12-Circle-K-Introduces-Fully-Frictionless-Checkout-Experience-in-Arizona-to-Enhance-Ease-and-Convenience-for-Customers (accessed February 20, 2026).

Newswire (CNW). “Couche‑Tard Launches Global Circle K Brand.” September 22, 2015. https://www.newswire.ca/news-releases/couche-tard-launches-global-circle-k-brand-528637841.html (accessed February 20, 2026).

U.S. Securities and Exchange Commission (SEC). “Alimentation Couche‑Tard Inc. — Form 40‑F (archived filing).” (Includes discussion of Circle K acquisition and financing.) https://www.sec.gov/Archives/edgar/data/1081825/000120445906000638/couchetard40f.htm (accessed February 20, 2026).

U.S. Securities and Exchange Commission (SEC). “Alimentation Couche‑Tard Inc. — Form 6‑K (archived filing).” (Includes disclosure of Circle K store acquisition counts.) https://www.sec.gov/Archives/edgar/data/1081825/000104746904009846/a2132280z6-k.htm (accessed February 20, 2026).

MarketWatch. “ConocoPhillips sells Circle K for $830 million.” October 6, 2003. https://www.marketwatch.com/story/conocophillips-sells-circle-k-for-830-million (accessed February 20, 2026).

Reuters. “Canada's Couche‑Tard resumes share buyback after scrapping Seven & i acquisition bid.” July 21, 2025. https://www.reuters.com/world/americas/canadas-couche-tard-resumes-share-buyback-after-scrapping-seven-i-acquisition-2025-07-21/ (accessed February 20, 2026).

Financial Times. “Alimentation Couche‑Tard drops its $46bn pursuit of 7‑Eleven owner.” July 2025. https://www.ft.com/content/3311f06e-fe9c-4537-b9d0-d9d01e648a5c (accessed February 20, 2026).

Los Angeles Times. “Circle K Files for Chapter 11 Protection.” May 16, 1990. https://www.latimes.com/archives/la-xpm-1990-05-16-fi-207-story.html (accessed February 20, 2026).

Los Angeles Times. “Circle K Rounds Up Bankruptcy Reorganization Plan.” June 1, 1993. https://www.latimes.com/archives/la-xpm-1993-06-01-fi-42155-story.html (accessed February 20, 2026).

CStore Dive. “Couche‑Tard has big plans for its new Inner Circle loyalty program.” June 29, 2023. https://www.cstoredive.com/news/couche-tard-new-inner-circle-loyalty-program/654222/ (accessed February 20, 2026).

CSP Daily News. “Circle K Expands Inner Circle Rewards Program.” March 22, 2024. https://cspdailynews.com/company-news/circle-k-expands-inner-circle-rewards-program (accessed February 20, 2026).

CStore Dive. “Couche‑Tard to acquire GetGo’s 270 c‑stores.” August 19, 2024. https://www.cstoredive.com/news/couche-tard-to-acquire-getgos-270-c-stores/724571/ (accessed February 20, 2026).

National Association of Convenience Stores (NACS). “Top 100 Convenience Retailers of 2025.” NACS Magazine. March 2025. https://www.nacsmagazine.com/Issues/March-2025/Top-100-Convenience-Retailers-of-2025 (accessed February 20, 2026).

National Association of Convenience Stores (NACS). “State of the Industry Report® of 2024 Data.” https://www.convenience.org/soireport (accessed February 20, 2026).

National Association of Convenience Stores (NACS). “Fuel Sales (Fast Facts & Stats).” https://www.convenience.org/Research/Convenience-Store-Fast-Facts-and-Stats/FactSheets/FuelSales (accessed February 20, 2026).

U.S. Energy Information Administration (EIA). “U.S. Gasoline and Diesel Retail Prices (Data Series).” https://www.eia.gov/dnav/pet/pet_pri_gnd_dcus_nus_w.htm (accessed February 20, 2026).

U.S. Energy Information Administration (EIA). “Gasoline and Diesel Fuel Update.” https://www.eia.gov/petroleum/gasdiesel/ (accessed February 20, 2026).

MMCG Invest, LLC, feasibility study consultant “U.S. Fuel Prices Change Forecast 2026: Impact on Gas Stations’ Margins and Profitability .” (accessed February 20, 2026).

U.S. Department of Energy, Alternative Fuels Data Center (AFDC). “Electric Vehicle Charging Stations (Station Locator).” https://afdc.energy.gov/fuels/electricity-stations (accessed February 20, 2026).

U.S. Department of Energy, Alternative Fuels Data Center (AFDC). “Electric Vehicle Charging Networks (Data Collection Methods / APIs).” https://afdc.energy.gov/stations/charging-networks (accessed February 20, 2026).

Federal Trade Commission (FTC). “FTC Orders the Divestiture of Hundreds of Retail Stores Following 7‑Eleven Inc.’s Anticompetitive 21‑Billion Dollar Acquisition of Speedway.” Press release. June 25, 2021. https://www.ftc.gov/news-events/news/press-releases/2021/06/ftc-orders-divestiture-hundreds-retail-stores-following-7-eleven-incs-anticompetitive-21-billion (accessed February 20, 2026).

Casey’s General Stores, Inc. “Form 10‑K (fiscal year ended April 30, 2025).” June 23, 2025. https://www.sec.gov/Archives/edgar/data/726958/000072695825000065/casy-20250430.htm (accessed February 20, 2026).

Seven & i Holdings Co., Ltd. “Overseas Convenience Store Operations (Investor Relations library page).” https://www.7andi.com/en/ir/library/co_financial/2025/convenience_store_overseas.html (accessed February 20, 2026).