Casey’s Plans 400-Store Expansion in New Growth Push

Casey’s Pushes for Scale in Rural Convenience and Pizza

Casey’s General Stores is chasing its next phase of growth with a 400-store expansion strategy, according to Bisnow. The Iowa-based chain, already ranked as the third-largest US convenience store company and the country’s fifth largest pizza provider, revealed its latest growth ambitions at its annual investor day.

CEO Darren Rebelez outlined a three-pronged approach: increasing store count, investing in food offerings, and leveraging technology for operational gains. The company, which only operates owned locations and not franchises, will emphasize both ground-up development and acquisitions, echoing its expansion model from the last three years. COO Ena Williams underscored that this dual-track approach allows Casey’s to remain nimble as market conditions shift.

The chain’s food offerings, especially made-to-order pizza and hot snacks, have taken center stage, strengthened by a recent 20% sales surge in wing sales at Des Moines stores. That performance signals a wider retail trend—convenience outlets with robust foodservice components are outpacing traditional gas-and-snack players. Per its S&P 500 listing, Casey’s now commands an enterprise value of $32B and a base of 3,000 stores across 19 states.

Acquisitions and Store Development Drive Entry to New States

Casey’s has made aggressive use of M&A to break into new markets. Between 2023 and 2026, the company grew by 504 locations, with 200 properties added through a $1.1B acquisition of CEFCO Convenience Stores. That deal gave the chain access to Florida, Alabama, and Mississippi. The company has also agreed to acquire Fikes Wholesale, reinforcing its acquisition-led strategy as it expands into additional markets.

Alongside that, Casey’s continues organic development, using private-label food launches and store upgrades to keep traffic strong. The company’s strategy over the next three years is to maintain that split approach, adapting as acquisition opportunities and land availability dictate. According to the leadership, maintaining flexibility is key to capitalizing on the best deals as the rural retail landscape evolves.

Hot Food Fuels Competitive Expansion Race

Casey’s investment in its food program isn’t happening in a vacuum. Nationally, convenience store operators with a focus on hot and prepared foods are seeing outsized growth. Texas-based Buc-ee’s, for example, is entering six new states, feeding off social media buzz and a loyal customer base drawn to its food selection.

Casey’s own results underscore the power of this model; the chain’s food-led expansion in Des Moines led to double-digit sales growth in specific product categories. The evolution also matches a broader pivot by convenience leaders toward fresh, on-demand foodservice, which increasingly serves as a differentiator as fuel and tobacco margins come under pressure.

Why It Matters

Casey’s decision to add 400 more locations over three years signals an ongoing bullish outlook on rural and suburban convenience retailing—especially at a time when urban-centric formats face slowing growth. With hot food offers generating 20% year-over-year sales increases in pilot markets, Casey’s is leveraging consumer demand that now expects more from a convenience store than lottery tickets and packaged snacks.

The brand’s $1.1B acquisition of CEFCO in 2024, which accounted for nearly 40% of its recent three-year net store growth, shows there’s still plenty of room for consolidation in a fragmented industry. Entering the S&P 500 in early 2026 further cements Casey’s status as a bellwether for the sector. For commercial real estate, more Casey’s stores mean additional absorption of outparcel sites, especially in underserved towns where competition is lighter and land costs remain manageable. As the convenience sector attracts more institutional attention, a robust food offer is increasingly table stakes for operators hoping to drive repeat visits and justify expansion-level rents.

What’s Next

With a pipeline spanning both ground-up builds and targeted takeovers, Casey’s will hit the ground searching for acquisition candidates while continuing its in-house development program. New store locations are expected to cluster in rural and exurban markets, but entry into more Sun Belt states is likely on the table following the Florida, Alabama, and Mississippi expansion via CEFCO.

As the convenience sector’s reliance on foodservice grows, CRE interest in developing for and leasing to operators like Casey’s and Buc-ee’s will remain strong—especially as competitors race to build brand loyalty with differentiated in-store experiences.