Dive Brief:
- Circle K is expected to anchor two to four new mini travel center projects annually over the next few years in New York state, according to a Tuesday announcement from investment management firm Peachtree Group.
- The first of these 7,000-square-foot locations, which will include a Circle K convenience store and fuel pumps as well as QSRs like Wendy’s, Dunkin’, Jimmy John’s and Buffalo Wild Wings Go, is slated for Binghamton, about 75 miles south of Syracuse. Peachtree is pledging up to $200 million for the project to The Briad Group, a Circle K franchiser.
- The Briad Group announced in November 2024 that it would be adding 40 new Circle K locations in New York State starting this year, but had not shared further details at the time.
Dive Insight:
Peachtree and Briad have worked together before on hotel developments, but the Circle K expansion is both company’s first foray into the convenience and fuel retailing, according to the announcement.
Peachtree and Briad have already closed on the Binghamton property. That location is expected to have a Wendy’s and a Dunkin’, along with two drive-thru lanes.
"By providing flexible financing to experienced operators like The Briad Group, we can help accelerate its growth while creating durable assets that generate strong, risk-adjusted returns for our investors," said Greg Friedman, CEO of Peachtree.
There are currently about 25 Circle K’s operating in New York State.
While Circle K is adding stores, parent company Alimentation Couche-Tard is also evaluating its existing network and downsizing where necessary. The company put 36 locations across 14 states up for sale earlier this year. These sites no longer fit with Couche-Tard’s brand and market strategy, a company spokesperson said.
