Wholesale club and gasoline retailer BJ’s is readying for more unit growth in its gas stations, Bob Eddy, chairman and CEO at BJ’s Wholesale Club, said during the company’s fourth-quarter and fiscal-year 2023 earnings call to investors on Thursday.
Ending fiscal 2023 on a strong note, Eddy said that the company’s real estate growth for this fiscal year not only includes new clubs but gas stations on site as well.
“We’re planning about 15 new gas stations as well, as we open gas in existing clubs without a gas offering, in addition to new clubs,” he said. “Looking beyond this year, we’re also continuing to build our pipeline and currently have more units in the pipeline than any time in the last 20 years.”
Westborough, Massachusetts-based BJ’s now has 175 gas stations in 20 states and Eddy said the company delivered “impressive market share gains in our clubs and at our gas pumps.”
Since the third quarter, the company opened six new gas stations.
“Our strong value in gas has become even stronger … and we expect to continue to drive share gains with a slight comp gallon growth in fiscal 2024,” said Laura Felice, executive vice president and CFO at BJ’s. “Our gas business has also become structurally more profitable, and we are planning for profit per gallon in the mid-teens range this year.”
Supermarket, convenience-store and gasoline retailer Hy-Vee Inc. is also planning unit growth in its gas stations. The Des Moines, Iowa-based retailer is planning to build in Omaha, Nebraska, a “freestanding gas station and convenience store on the northeast corner of 111th & Blondo Street in the Blondo 108 Business Park,” according to a report by Grow Omaha.
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