Corner Store convenience stores are expanding beyond the reach of just Valero gas stations.
CST Brands, Inc. (CST), which includes Corner Store and Depanneur du Coin convenience stores, spun off from Valero Corporation Wednesday.
The split makes CST the second largest publicly-traded fuel and convenience merchandise retailer in the North American market.
"Retail is about ten percent of the overall Valero Energy portfolio," said Kim Bowers, CST Brands, Inc. Board Chairman and CEO. "So, by separating retail and letting us kind of go our separate path it's going to give the Valero shareholders some additional value: for every nine shares that they have of Valero shares they're going to get one CST share."
Bowers told 550 KTSA News this was the main reason behind the split, as their approximate 1,900 sites in the United States and Canada brought in $13.1 billion in revenues last year alone.
"By May 2nd if you had Valero shares you'll also be a CST Shareholder," said Bowers. "So you'll really be able to get value both on the refining side through the Valero Energy stock, but then also on the retail side through the CST shares."
However, Bowers said this corporate change will not effect the service that customers have come to expect from their convenience stores over the years.
"What's changing is our back office corporate support, so instead of being part of Valero we're CST Brands," said Bowers. "Really it's a company of convenience brands, so whether its a Corner Store, a Depanneur de Coin (Canadian) stores, or our private labeled program inside the store of products under fresh choices, we are still all about providing convenience to our customers."
Bowers said this split does give them the option to pair up with alternative gas suppliers outside of Valero.
CST plans to build 15 new stores in the U.S. this year, with a focus on building larger, Travel Center stores. At 10,100 square feet, the largest Corner Store to date is set to open in Three Rivers, TX on May 19th to serve customers in the continually growing region of the Eagle Ford Shale.