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BP to grow mobility and convenience presence in US
BP is planning to grow its presence in the US fuels and convenience retail (C-store) business by taking full ownership of its Thorntons joint venture, acquiring the majority share it does not already own in the business from ArcLight Capital Partners for an undisclosed sum.
The deal will bring BP more than 200 C-stores in Kentucky, Illinois, Indiana, Ohio, Tennessee and Florida, making it a leading convenience operator in the Midwest, US with 208 owned and operated sites. The company plans to retain and build on the Thorntons brand.
Convenience retail is evolving amid rising demand from consumers with ever-changing needs. Based on Euromonitor analysis, the C-store opportunity will nearly double over the next decade in 45 of the leading economies of the world, growing at more than 5% each year, reports BP. This anticipated growth aligns with the strategy for BP’s convenience and mobility business, which aims to nearly double global earnings by 2030, from around $5bn in 2019, and deliver 15–20% returns.
BP plans to increase the number of C-store sites in its global network from around 2,000 today to more than 3,000 by 2030.
