Alimentation Couche-Tard is accelerating its expansion strategy, announcing plans to add 750 company-operated Circle K locations over the next five years.
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Executives shared the growth plan during the company’s annual investor meeting on Feb. 11, outlining a mix of new-to-industry (NTI) builds and small acquisitions designed to strengthen its footprint — particularly in the United States, its largest market.
The first 100 new builds are expected to be completed in 2026, President and CEO Alex Miller said. A company spokesperson confirmed that most of the new stores will be located in North America.
The initiative is part of Couche-Tard’s newly introduced Core + More strategy, which focuses on reinforcing its strongest platforms while pursuing targeted investments that drive long-term profitability and growth.
Following its withdrawal last summer from a nearly $50 billion bid to acquire Seven & i Holdings, parent company of 7-Eleven, industry analysts speculated about Couche-Tard’s next major move. For now, the retailer appears committed to expanding organically.
Couche-Tard, currently the second-largest convenience store retailer in the U.S., already has a development pipeline of roughly 1,000 stores at various stages, said Aaron Brooks, the company’s senior vice president of real estate and fuel customer. Still, leadership is keeping its five-year goal at 750 new stores to ensure measured expansion.
The company’s previous plan, announced three years ago, called for 500 new stores by 2028. Executives said the increased target reflects strong performance data from recently built locations.
“These sites … sell a ton of food, they sell a ton of merch, they do strong volume,” Miller said.
According to leadership, newer stores are outperforming legacy locations across key categories, including prepared food, nicotine products and fuel sales. Modern store layouts, upgraded food programs and improved customer flow are contributing to stronger unit economics.
While new construction remains the primary focus, Couche-Tard will also pursue acquisitions — particularly targeting operators with 10 stores or fewer.
Brooks indicated that 2026 may bring a record number of smaller deals for the company.
“If there’s a quality asset that we can buy at an advantage multiple and plug it into our scaled economies at a faster rate than which we can build it, we are buying,” Brooks said.
This approach allows Couche-Tard to leverage its supply chain efficiencies, brand strength and operational expertise to quickly integrate newly acquired stores.
Beyond the 750-store target, the company also intends to continue pursuing larger mergers and acquisitions, including potential purchases of regional chains. Brooks emphasized that the company still sees meaningful upside in those opportunities.
“The main message is we will continue to focus on what we know and what we have done well throughout the decades,” Brooks said.
The convenience retail sector remains highly competitive, with companies investing heavily in foodservice innovation, digital loyalty programs and fuel technology upgrades. By emphasizing disciplined expansion rather than aggressive mega-deals, Couche-Tard appears focused on steady, sustainable growth.
Executives stressed that maintaining capital discipline remains a priority, particularly in an environment shaped by shifting fuel demand patterns, evolving consumer preferences and ongoing economic uncertainty.
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The Core + More strategy is designed to balance operational excellence in established markets with selective growth opportunities. Leadership signaled that while the company is open to strategic acquisitions, organic growth will remain central to its expansion blueprint.
With 750 new company-operated stores slated over five years and a pipeline already in motion, Couche-Tard is positioning itself for significant network expansion — reinforcing its presence across North America while doubling down on performance-driven site selection and long-term profitability.
Originally reported by Brett Dworski, Senior Reporter in Construction Dive.
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