Speedway (store)

Speedway gas station at night (51763042399)

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Speedway Footprint 2020 August

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Speedway is a chain of convenience stores and gas stations predominantly located in the United States. The company, originally a part of the Marathon Petroleum Corporation, has established itself as a significant player in the retail convenience market, offering a wide range of products including fuel, snacks, beverages, and other convenience items.

History

The origins of Speedway trace back to the early 1950s when it started as a series of filling stations in Michigan under the name Speedway 79. The brand was part of the Ohio Oil Company, which later became Marathon Petroleum. Over the decades, Speedway expanded its operations across several states, becoming known for its convenience store services in addition to selling gasoline.

In the late 20th and early 21st centuries, Speedway underwent significant growth, acquiring several smaller chains and expanding its footprint across the United States. Notably, in 2014, Speedway LLC became a wholly-owned subsidiary of Marathon Petroleum after Marathon acquired Hess Corporation's retail operations, significantly increasing Speedway's presence on the East Coast.

Acquisition by 7-Eleven

In 2020, a major development in the history of Speedway occurred when 7-Eleven, Inc., a subsidiary of the Japanese retail group Seven & i Holdings Co., announced its intention to purchase Speedway from Marathon Petroleum for $21 billion. This acquisition, completed in 2021, marked one of the largest in the convenience store sector and significantly expanded 7-Eleven's footprint in the United States, making it one of the largest convenience store chains in the country.

Operations

Speedway operates stores across the United States, offering a wide range of products and services. These include fuel for vehicles, a selection of snacks, beverages, tobacco products, and other convenience items. Many Speedway locations also offer a rewards program, allowing customers to earn points on purchases that can be redeemed for discounts on fuel and other products.

Corporate Social Responsibility

Speedway engages in various corporate social responsibility (CSR) initiatives, focusing on community engagement, environmental sustainability, and charitable giving. The company supports local and national charitable organizations, with a particular emphasis on children's hospitals and health-related causes.

Challenges and Controversies

Like many retail and convenience store chains, Speedway has faced challenges and controversies, including environmental concerns related to fuel storage and distribution, as well as the health implications of selling tobacco and high-calorie snack foods. The company has taken steps to address some of these issues, including implementing measures to reduce its environmental impact and promoting healthier food options.

See Also

• Convenience store
• Gas station
• Marathon Petroleum
• 7-Eleven