August 1, 2019 |
BR Mania, a subsidiary of Rio de Janeiro-based BR Distribuidora, Brazil’s biggest fuel distributor, operates a network of franchise convenience stores at gas stations owned by its parent. Investors see this as a growth opportunity because its stores can be found in only 16% of the 7,665 gas stations operated by the fuel distributor. By contrast, Ultrapar’s Ipiranga, Brazil’s second-largest fuel distributor, has convenience stores in 35% of its 7,200 gas stations.
BR Mania’s competitive position may have been further undermined by a recent restructuring. BR Distribuidora, owned 71% by Petrobras, reduced the number of convenience store points of sale by 101 last yea
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