Who Owns QuikTrip Now? An In-Depth Profile of the Private Convenience Store Giant - 33rd Square (2024)

QuikTrip, commonly known as QT, has grown from a single convenience store in Tulsa, Oklahoma in 1958 into one of the most successful private retail and gasoline chains in America. This comprehensive profile will explore QuikTrip‘s origins, business model, store experience, community impact, and future outlook.

Still Privately-Owned by Founding Families After 60+ Years

Many companies start out privately owned but eventually go public or get acquired. However, QuikTrip remains a private company controlled by the direct descendants of its founders over 60 years later.

• QuikTrip was founded in 1958 by Burt Holmes and Chester Cadieux when they opened the first "Kwik Kafe" convenience store in Tulsa.

• The original store sold basic convenience items like milk, bread, cigarettes, and snack foods to customers.

• Within a few years, QuikTrip expanded into gasoline and formally established its brand name.

• Impressively, the Holmes and Cadieux families still own over 95% of QuikTrip shares today.

Staying private has allowed QuikTrip to focus on long-term success rather than short-term profits to please public shareholders. The company maintains its culture and values.

According to financial data company PrivCo, QuikTrip generates an estimated $11.3 billion in annual revenue and has 24,000 employees as of 2017.

Combining Family Ownership With Professional Management

While QuikTrip‘s ownership structure is family-based, its executive leadership team includes retail veterans who ensure professional management.

• Chet Cadieux, grandson of founder Chester Cadieux, serves as CEO and Chairman of the Board. He represents the 3rd generation of family leadership.

• Mike Thornbrugh joined QuikTrip in 2012 as President and COO after over 30 years in the retail industry.

• Other top leaders include the CFO, Chief People Officer, VP of Real Estate, VP of Food Services, and VP of Marketing.

This balanced leadership approach maintains QuikTrip‘s unique privately-held culture while driving continued growth.

QuikTrip‘s Massive National Footprint and Steady Growth

QuikTrip has grown rapidly from its humble single-store beginnings into a convenience retail giant:

• The company opened its 100th location in 1984, 26 years after the first store.

• By 2004, QuikTrip had reached 500 stores, crossing into new states beyond its Oklahoma home base.

• Over just the past 10 years, QuikTrip has almost doubled its portfolio to over 900 stores across 14 states.

QuikTrip‘s Store Count Over Time

This rapid expansion has been fueled by customer loyalty and QuikTrip‘s excellent reputation. The company consistently replicates its successful store model as it enters new markets.

While QuikTrip originated in Oklahoma, it has expanded across the southern and midwestern U.S. Major concentrations exist around Atlanta, GA; Phoenix, AZ; St. Louis, MO; and Tulsa, OK.

Much More Than Gas – QT‘s Diverse Offerings Under One Roof

The average QuikTrip store provides far more than just gasoline to customers:

• Fueling: Unleaded gasoline as well as diesel fuel for trucks with high speed pumps.

• Food & Drinks: Freshly made food like pizza, sandwiches, and breakfast; custom soda and coffee stations.

• Convenience Items: Drinks, snacks, lottery, cigarettes, grocery staples, healthcare items, and automotive products.

• Amenities: ATMs, air filling stations, trash disposal, laundromats, car wash services, and other amenities.

By combining all of these offerings under one roof, QuikTrip provides a true one-stop-shop experience that is convenient, consistent, and cost effective.

Food and beverage offerings in particular have expanded over the years, now accounting for over 40% of sales.

QuikTrip Capitalizes on Retail Technology and Innovation

While founded in 1958, QuikTrip takes an innovative, technology-driven approach to modernizing its stores and operations:

• Self Checkout: Touch screen kiosks allow customers to skip the line and check out purchases conveniently.

• Food Preparation: Stores utilize specialized kitchen equipment to freshly prepare menu items rather than rely on pre-packaged food.

• Supply Chain: QuikTrip uses data analytics to forecast demand and optimize inventory across 900+ stores.

• Cybersecurity: With growing digital payments, QuikTrip heavily invests in systems to protect customer data.

• Sustainability: Some stores offer EV charging stations, alternative fuels like propane, solar panels, and more.

These innovations help QuikTrip offer new services while maintaining its reputation for speed, quality, and customer service.

Giving Back to Local Communities

QuikTrip aims to positively impact communities, not just conduct business. Some initiatives include:

• Charity Golf Tournament: QuikTrip‘s annual golf fundraiser has generated over $5 million in donations to youth nonprofits since 1991.

• QT Kitchens: QuikTrip donates fresh unsold food from its stores to community food banks daily through this sustainability program.

• SmartWay Partnership: QuikTrip joined the EPA program to reduce supply chain environmental impact and transportation emissions.

• Water Conservation: QuikTrip‘s closed-loop car wash water recycling systems save over 27 million gallons of water annually.

• EV Charging Stations: Over 100 QuikTrip stores have added electric vehicle charging stations to promote sustainable transportation.

These programs aim to create positive local impacts and uphold QT’s community-oriented values.

Analysts See Continued Growth Potential in New Markets

QuikTrip still has ample room to grow its national store footprint:

• Management believes the chain can eventually exceed 4,000 total stores, 4X its current size.

• New markets like Colorado, Wyoming, Montana, Utah, and the Northeast offer expansion possibilities.

• Alternative store formats besides gasoline locations provide additional growth channels.

• QuikTrip is building its brand in new regions and converting more occasional customers into loyal regulars.

According to Forbes, QuikTrip generates over 50% more revenue per store than its average convenience store competitor. Its track record of success supports aggressive calculated expansion.

Projected QuikTrip Store Growth

Conclusion: Still Dominating the Convenience Space

From its first Tulsa location in 1958, QuikTrip has grown into one of the most admired and successful convenience retail chains. The company‘s consistent quality, innovations, and customer loyalty have fueled explosive store growth. Now with over 900 locations and $11 billion in sales, QuikTrip continues growing its national footprint. Its privately-held ownership structure provides stability, while experienced retail leaders ensure professional operations and evolution. With convenience stores remaining a major retail channel, expect QuikTrip‘s dominance to continue in the years ahead.

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