Dive Brief:
- Chicago-area convenience retailer Rmarts LLC has sold eight c-stores to an undisclosed fellow regional operator, according to a Wednesday release from Downstream Energy Group, which advised Rmarts on the sale.
- Rmarts owned 12 locations before this deal and will continue to operate its four remaining legacy sites, a spokesperson from Downstream Energy Group said.
- Rmarts’ pullback coincides with a continuing trend of smaller retailers scaling down or leaving the industry as the operating environment becomes increasingly difficult.
Dive Insight:
By selling two-thirds of its c-store portfolio, Rmarts aims to realize value from these sites while continuing to own and operate legacy locations that “remain central to its long-term business” according to the announcement.
The company has been operating c-stores in the Chicagoland area for more than 70 years, with its first site located at the corner of Ohio and LaSalle in downtown Chicago, per the announcement.
“Selling these stores was not a decision we made lightly,” said Ryan Razowsky, president of Rmarts, in the announcement.
This summer has been a hot season for c-store acquisitions, from massive deals like Alimentation Couche-Tard planning to buy Żabka to smaller moves like Earnheart Oil selling seven convenience stores to Perfect Food & Gas and Casey’s General Stores acquiring 24 Pak-a-Sak stores.
