This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Dive Brief: TravelCenters of America has partnered with digital payments network Relay to add the latter’s cardless payment method to all TA, TA Express and Petro Stopping Centers locations, according to a Tuesday press release. Professional drivers can use Relay to pay for fuel, diesel exhaust fluid and items inside the store, according to the announcement. T ...

Core Insights - Wawa has established a strong reputation for high-quality food and beverages, attracting customers who prioritize food over traditional gas station offerings [1] - The company aims to expand its customer loyalty from its core markets in the Northeast to the Midwest and South, leveraging its cult-like following [2] - Despite rising prices, Wawa has seen increased customer preference compared to other quick-service chains since 2023 [3] Pricing and Market Trends - Wawa's prices increased by an average of 21.7% from Q2 2019 to Q2 2025, comparable to competitors like Starbucks and McDonald's [3] - Breakfast traffic at Wawa has grown by 5% year-over-year, outperforming quick-service restaurants, which only saw a 1% increase [4] Expansion Strategy - Wawa has expanded its presence from 6 states in 2023 to 12 states plus Washington, D.C., with plans to reach 1,700 locations by 2030 [5] - The company's estimated annual revenue has grown by approximately $4 billion, reaching $18.8 billion as of 2024, driven by its organic expansion strategy [5] Competitive Landscape - As Wawa enters new markets, it will face competition from established local convenience stores that have their own loyal customer bases [6]

Company Overview & Strategy - Wawa's focus on food and customer experience has cultivated a loyal customer base, sometimes described as a "cult-like following" [2][9][10] - The company differentiates itself by transforming traditional gas station negatives into positives, focusing on quality and service [9] - Wawa aims to be the best, not necessarily the biggest, prioritizing organic expansion over mergers and acquisitions [16] - Employee ownership, with nearly 40% of the company owned by employees, fosters commitment and better customer service [10] Financial Performance & Expansion - Wawa's revenue has more than doubled and its workforce has grown by nearly 90% over the past decade [3] - The company has an aggressive expansion plan, aiming for 1,700 locations by 2030 [16] - Annual customer traffic has grown by 3% since 2015, serving nearly 1 billion customers per year [17] - Expansion has been funded without mergers or acquisitions, with annual revenue rising by $4 billion during its expansion from 6 to 12 states [16] Market Dynamics & Competition - The convenience store industry is becoming increasingly competitive, with fast food chains expanding options and offering value deals [4][15][20] - Wawa faces competition from other convenience stores, fast food chains, and grocery stores offering pickup and delivery [20] - Morning meal traffic increased by 5% at food-forward convenience stores like Wawa, while QSRs only increased by 1% in August 2025 [8] - Wawa raised prices by about 22% between 2019 and 2025, aligning with most competitors [23] Risks & Challenges - Maintaining quality and customer service during rapid expansion is a key challenge [18] - Reliance on third-party suppliers for fresh food poses operational vulnerabilities [19] - The company has experienced some misses, such as its pizza in 2023 and initial drive-thru concept [21][22] - High inflation poses a major risk, potentially impacting customer spending [23]

Core Insights - Kwik Trip has emerged as the leader in the convenience store sector, topping the American Customer Satisfaction Index (ACSI) rankings with a score of 84, a six-point improvement from the previous year [1][2] - The competition includes Sheetz and Wawa, both tied at 82, followed by QuikTrip at 80 and Buc-ee's at 79 [2] Customer Preferences - Survey respondents prioritize mobile apps, store hours, staff helpfulness, and food and beverage quality when evaluating convenience stores [3] - The trend indicates a shift in convenience stores from basic pit stops to establishments focusing on enhanced food offerings, service quality, and customer rewards [3] Loyalty Programs - Nearly two-thirds of rewards program members visit their preferred convenience store at least once a week, compared to less than half of non-members [8] - The emphasis on loyalty rewards is seen as a significant driver for brands that successfully implement these programs [8] Industry Evolution - Convenience stores are increasingly viewed as dining destinations rather than mere stops for fuel or snacks, reflecting a significant change in consumer perception over the past two decades [9]

Core Insights - Love's Travel Stops & Country Stores has launched a proprietary retail media network, Love's Media Group, aimed at professional drivers, a unique audience in the retail media landscape [3][7] - The network integrates loyalty programs, mobile presence, in-store media, and pump screens across 664 locations in 42 states, providing advertisers with direct access to a high-volume audience [3][4][7] - Tommy Greenberg has been appointed as the senior director of Love's Media Group, bringing over eight years of retail media experience [7] Industry Context - Love's Media Group is positioned as the first retail media network focused on professional drivers at scale, joining other c-store operators like 7-Eleven and Wawa in the retail media space [7] - The launch follows a trend in the industry, as seen with Weigel's recent introduction of its Milk Crate Retail Media Network, which also targets a diverse media inventory [5][7] - The competitive landscape is intensifying as more companies explore retail media opportunities, highlighting the growing importance of targeted advertising in the convenience store sector [5][7]

Core Viewpoint - Alpine Income Property Trust, Inc. reported its investment and disposition activities for Q3 and year-to-date 2025, highlighting significant acquisition and sales transactions that reflect a strong performance in the real estate investment sector [1][2]. Investment and Disposition Activity - In year-to-date 2025, the Company completed $135.6 million in acquisition and structured investment transactions with a weighted average initial cash yield of 8.9% [2]. - The year-to-date disposition activity totaled $29.0 million from income-producing asset sales, achieving a weighted average exit cash cap rate of 8.4% [2]. - Additionally, the Company sold $5.3 million in vacant properties during the same period [2]. Portfolio Metrics - As of September 30, 2025, the Company reported a weighted average remaining lease term of 8.7 years and an occupancy rate of 99.4% [3]. - 48% of the annualized base rent is attributable to investment-grade tenants, indicating a strong tenant quality [3]. Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust focused on delivering attractive risk-adjusted returns and dependable cash dividends through a diversified portfolio of single-tenant net leased commercial properties [4]. Recent Transactions - On September 30, 2025, the Company acquired two properties ground leased to Lowe's for $21.1 million, with a weighted average going-in cash cap rate of 6.0% and a remaining lease term of approximately 11.6 years [7]. - Lowe's has become the Company's largest tenant by annualized base rent, surpassing Dick's Sporting Goods [7]. - The Company sold three net lease properties for $6.2 million, including one leased to Advance Auto Parts and a vacant parcel [7]. - Two structured investments were originated for a total of $28.0 million with a weighted average initial cash yield of 10.6% [7]. - The Company increased its commitment to a Wawa Land Development Construction Loan by $0.6 million, totaling $7.4 million [7]. - Principal paydowns of approximately $8.1 million were received on the mortgage note portfolio, reducing the remaining loan balance to $3.9 million with a current yield of 9.0% [7].

Group 1 - U.S. retail media network spending exceeded $6 billion last year and is projected to surpass $10 billion by 2030 [3] - Weigel's has launched its Milk Crate Retail Media Network, allowing the convenience retailer to participate in the growing retail media market [3][8] - The retail media program was announced during Weigel's Days presentation, although specific details about the program's timeline were not provided [4] Group 2 - Weigel's operates approximately 90 locations in Tennessee and is joining other major retailers like 7-Eleven and Wawa in offering retail media programs [4][8] - The retail media network will include advertising inventory across various owned media, such as its app, website, and social media platforms [8] - Experts suggest that regional players like Weigel's can offer a unique and complementary client base for advertisers compared to larger retailers [5]

Group 1 - Wawa has appointed Doug Martin as its new Chief Marketing Officer, who previously worked at General Mills for nearly 20 years [7] - Martin's experience includes various roles at General Mills, such as CMO and marketing manager for Cheerios, indicating a strong background in brand management [4][7] - Wawa is in a significant expansion phase, having entered six new states in the past three years and aiming for a total of 1,800 stores by 2030 [3][7] Group 2 - The company plans to leverage Martin's marketing expertise to enhance its brand presence as it enters new markets [3][4] - Martin's previous role in the GWorks team at General Mills aligns with Wawa's focus on identifying new insights and trends, supporting its rapid growth strategy [3]

Core Insights - Fast-food restaurants are losing breakfast customers to convenience stores, with morning meal traffic to fast-food chains rising only 1% while visits to food-forward convenience stores increased by 9% in the three months ending in July [1][2] Industry Trends - Convenience stores have been gaining market share in the foodservice sector, particularly in the breakfast category, driven by "food-forward convenience stores" [2][4] - The overall foodservice sales for convenience stores reached $121 billion in 2024, indicating a significant growth in this segment [13] Competitive Landscape - Fast-food chains like McDonald's have seen a decline in breakfast traffic, with visits falling from 33.5% of total traffic in the first half of 2019 to 29.9% in the first half of 2025 [7] - Convenience store chains such as Wawa and Casey's General Store are expanding their foodservice options and have seen customer growth, with Wawa's customer base increasing by 11.5% since 2022 [15] Consumer Behavior - A survey indicated that 72% of consumers now view convenience stores as a viable alternative to fast-food chains, up from 56% a year ago [14] - 48% of respondents reported that when they choose breakfast from a convenience store, they are replacing a visit to a fast-food restaurant [16] Product Offerings - Convenience stores are diversifying their offerings beyond traditional items, providing a wider range of options such as breakfast sandwiches, energy drinks, and healthy snacks, which appeals to consumers [18] - Casey's breakfast pizza has gained popularity, contributing to the chain's same-store sales growth of 5.6% for prepared food and beverages for the three months ending July 31 [20]

Group 1 - Vroom Delivery has partnered with Instacart to provide digital advertising solutions to its network of 3,500 convenience stores (c-stores) [7] - The integration allows c-stores to utilize Instacart's Carrot Ads, which includes sponsored product listings and display ads, enhancing their e-commerce capabilities [7] - Retail media is becoming a significant growth area for Instacart as it diversifies beyond its core delivery services [5] Group 2 - Vroom aims to make retail media accessible and scalable for convenience retailers of all sizes by integrating Instacart's technology [4] - Instacart's Carrot Ads offers self-service tools for advertisers, including targeting, personalization resources, and data dashboards, which have been well-received by grocers [4] - More than 240 businesses currently utilize Carrot Ads, indicating its popularity and effectiveness in the market [4]