Circle K

[Jeepnokc]

SW 89th and Penn is closed

[billokc]

Had lunch with the Circle K owners yesterday. They are not closing.

With the closing of stores, I'd say they're lying as the stores close. Reminds me of Baghdad Bob during Desert Storm telling the people on TV that the US was not coming into town even as the troops were moving in.

[barrettd]

Someone posted to The Village Facebook page the Circle K at Britton and May will close June 1. I haven't been up there lately, so I don't know how they got that info, but it seems to be in line with the recent closings of other stores.

[John]

Memorial & Western is closed.

[jarrington00]

I've noticed Circle K's might be the worst manage C-Stores around. There are two by my office on either side of I-40 on Meridian. The store on the south Meridian (next to the Biltmore Hotel) is always, I mean always covered with trash. The Circle K on the north side is not covered with trash, but both are in need of updating.

[rtz]

The station on Britton & Waverly took down all their Shell signage.

[Relentless85]

I was told by a manager from one of the Circle K stores that some of the stores are closing due to poor sales revenue numbers and that some of them closed due to the leased land the store was on. Manager said when the contract was up and Circle K wanted to re negotiate, the lease/land owner increased the lease payment and Circle K elected to not renew the lease with the increased payment.

[Slimjim]

I to was wondering what was going on as I noticed several locations all across the metro closed

[Richard at Remax]

nm

[rtz]

Closing day came early for the station on Britton and May.

[barrettd]

Closing day came early for the station on Britton and May.

Saw that this morning. Hopefully the lot doesn't stay vacant too long.

[Johnb911]

Closing day came early for the station on Britton and May.

I wonder how much of this was Circle K's across the metro closing, and how much of it was OnCue dropping the hammer on them

[jompster]

I wonder how much of this was Circle K's across the metro closing, and how much of it was OnCue dropping the hammer on them

I wouldn't be at all surprised if OnCue was a big part of it. QuikTrip had that effect in Tulsa when they exploded in growth, and they put out Circle K and Git 'n' Go. Those both used to have a heavy presence in Tulsa all throughout my childhood and teen years.

[Pete]

Circle K also went through a bankruptcy but this time around I think it has much more to do with several of their locations in the OKC area being small and lousy and could no longer compete against OnCue and the the nicer 7/11's.

Casey's will have an impact as well.

[barrettd]

Circle K also went through a bankruptcy but this time around I think it has much more to do with several of their locations in the OKC area being small and lousy and could no longer compete against OnCue and the the nicer 7/11's.

Casey's will have an impact as well.

The one on Britton and May was awful. The location was very convenient, though.

[Pete]

I think the only one I've ever been to here (they are very different in California for the most part) is the location at 39th & Meridian.

It's one of their biggest local stores and it was pretty darn bad. Honestly, between Sam's Club and OnCue, I haven't been in another brand of c-store in the OKC area in years, and I don't plan to... Other than stopping at a new 7/11 location when I really have to.


It seems we are in another round of what-do-you-do-with-the-old-gas-stations, just like when tons of them closed in 70's and 80's due to fuel prices. Most of those are still crappy little spots and I fear we are headed that way again.

[barrettd]

I think the only one I've ever been to here (they are very different in California for the most part) is the location at 39th & Meridian.

It's one of their biggest local stores and it was pretty darn bad. Honestly, between Sam's Club and OnCue, I haven't been in another brand of c-store in the OKC area in years, and I don't plan to... Other than stopping at a new 7/11 location when I really have to.


It seems we are in another round of what-do-you-do-with-the-old-gas-stations, just like when tons of them closed in 70's and 80's due to fuel prices. Most of those are still crappy little spots and I fear we are headed that way again.

I'm hopeful the city of The Village can prevent that from happening. I'd rather have an empty lot than an abandoned gas station.

[Pete]

May & Britton is an excellent corner but that is a small property and of course the cost to remove the tanks and remediate any soil issues are large.

Like NW Expressway and Meridian, it was formerly a Texaco.

[hfry]

If I remember correctly a good amount of the Circle K's used to be All Star stores and when they wanted to renter the market he kept ownership of the properties as part of the agreement. I could be completely wrong in that though but I am confident that the All Star transports that delivered fuel was apart of the same ownership. I'd be curious if they don't try and renter the market with Circle K's closing.

[Pete]

Yes, they took over several former All Star locations: May & I-44, Penn & 39th, Meridian and 39th, etc.


Okay, so here's the part the Oklahoman completely missed on...

Circle K sold all 24 of the OKC area properties in 2012 as a portfolio to an investment group in California. In turn, Circle K leased all of them for 12 more years (2024) and guaranteed the leases. In real estate terms this is known as a sale/lease-back and there are tons of investors (mainly REITs) that make these purchases then draw an income from high-credit tenants.

So, Circle K doesn't own any of these and are merely a tenant.

The investment co. in California (the property owners) have not returned my calls but it's safe to say that Circle K just decided to no longer operate several of the smaller locations because there was no money in it. They likely still owe rent but perhaps they negotiated a buy-out from the investment company or are just eating the lease payment instead of continuing to operate what were likely unprofitable stores.

[T. Jamison]

Are they ground leases?

[Pete]

Are they ground leases?

No, they are leasing the building and property. They don't own the buildings or other improvements.

[jn1780]

Isn't there environmental laws that forces the owner to maintain/inspect the tanks as long as there in the ground?

That would be motivation to remove the tanks. Along with being able to find a buyer for the property.

[jn1780]

Isn't there environmental laws that forces the owner to maintain/inspect the tanks as long as there in the ground?

That would be motivation to remove the tanks. Along with being able to find a buyer for the property.

Canopy was coming down today at Memorial and Western.

[chestercheetah]

Canopy was coming down today at Memorial and Western.

Also coming down at 23rd and Rockwell.