AGB 2023.3 - Casey's General Stores (CASY)

Scaling Up and Optimizing Operations

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Casey’s General Stores

Casey’s is the 3rd largest convenience store (c-store) operator in the U.S. with over 2.4k locations under the Casey’s, GoodStop and Bucky’s brands. Almost all of these locations are Casey’s, which is known for freshly prepared foods like pizza, donuts and hot breakfast items. GoodStop locations are typically smaller and don’t offer prepared food. The company has 43 GoodStop locations. Bucky’s stores came with the Buchanan Energy acquisition in 2021 and are all in the process of being converted into Casey’s or GoodStop locations. The company operates in 16 states, primarily in the Midwest around Iowa, Illinois and Missouri.

In 1968, Casey’s started as a single store in Boone, Iowa (population of less than 12.5k in 2021) and has expanded into other small towns across the Midwest. Casey’s stores are mainly located in rural towns and cities with 50% of stores operating in areas with populations less …