ARKO operates convenience stores and wholesale fuel distribution across more than 30 U.S. states. The retail segment runs roughly 1,118 company-operated convenience stores under regional banners like fas mart, Scotchman, E-Z Mart, and Village Pantry. These stores sell fuel and in-store merchandise — including packaged beverages, snacks, tobacco, and foodservice — primarily in secondary and tertiary markets where national chain competition is limited. The wholesale segment distributes fuel to over 2,000 dealer locations, either at a cost-plus-fixed-margin or on consignment. A fleet fueling segment serves commercial and municipal fleets through roughly 295 unmanned cardlock locations and a proprietary fuel card network. Retail is the largest segment by revenue, with fuel driving most of that volume, though in-store merchandise generates the majority of retail gross profit. Wholesale and fleet fueling earn fixed cents-per-gallon margins and are capital-light relative to retail. A key strategic initiative is "dealerization" — converting underperforming retail stores into dealer locations, reducing operating costs while retaining fuel supply and rental income. ARKO is also reinvesting in retained stores through a foodservice-focused remodel concept and targeting new cardlock locations as a low-cost growth avenue. The recently completed IPO of subsidiary ARKO Petroleum Corp. separates the wholesale and fleet fueling businesses into a publicly traded entity, while ARKO retains the retail business.