Slowly, 7-Eleven is showing its face in the Capital Region
National chain looking to acquire Speedway; FTC analyzing deal
When you fill your tank at a Capital Region Sunoco station, don’t be surprised when the receipt welcomes you to 7-Eleven.
There are no exterior signs to indicate that the station and convenience store location has new owners, although staff are well aware of the change. Inside, you can scan a QR code to download the 7-Eleven app.
Last December, a 7-Eleven sign briefly appeared at a Sunoco station at 1465 Washington Ave. in Albany, but it quickly disappeared following an article and photos in the Times Union.
Irving, Texas-based 7-Eleven acquired 1,030 Sunoco gas stations/convenience stores in early 2018, and the Capital Region stations may have been part of that deal. It is believed to have paid up to $3.3 billion.
But that deal was a fraction of the latest 7-Eleven purchase, a pending $21 billion deal to acquire Marathon Petroleum’s 3,900 Speedway locations. The Speedway deal is facing opposition from the Teamsters, who asked earlier this month that the Federal Trade Commission at least “pause” its review while its impact on competition is analyzed.
Teamsters President James P. Hoffa criticized one part of the deal, a 15-year contract to have Marathon continue to supply petroleum products to 7-Eleven.
“With gas prices now on a steep rise to nearly $3 a gallon in most states, the FTC should exercise its full authority to ensure that the Marathon/7eleven supply agreement will neither limit competitors’ ability to buy fuel nor stick customers with sky-high costs to refill
their gas tanks to get to and from work and school,” Hoffa wrote.
The consolidation trend isn’t new, said Patrick Dehaan, head of petroleum analysis with Gasbuddy.com.
“It’s a trend that’s ramped up over the past couple of years,” he said Monday. “It’s kind of gaining momentum, especially
after 7-Eleven’s acquisition of Speedway.”
Other regional acquisitions include EG (for European Garages) Group’s April 2019 acquisition of Syracuse-based Fastrac Markets and its October 2019 acquisition of Westborough, Mass.-based Cumberland Farms, according to Convenience Store News. EG, based in the United Kingdom, started with just one location in 2001.
It’s not clear how quickly, or
even if, the five Sunoco stations will be converted to 7-Eleven locations. At least one remodel set to take place last summer has been delayed. The five stations are at 3009 Route 50 in Saratoga Springs, 902 Loudon Road in Latham, 57 Exchange St. in Albany, 477 Delaware Ave. in Albany, and 1465 Washington Ave., also in Albany,
A spokesperson for 7-Eleven couldn’t be reached Monday for comment.