RaceTrac’s Potbelly Acquisition: A New Growth Strategy in Foodservice and Commercial Real Estate
RaceTrac’s acquisition of Potbelly Sandwich Shop — finalized in late 2025 — is shaping up to be one of the most strategically significant foodservice moves in the convenience-store sector in years. The $566 million all-cash transaction signals a deliberate shift by RaceTrac toward branded, higher-margin foodservice, with ripple effects across retail traffic patterns, site selection, franchising strategy, and commercial real estate (CRE) nationwide.
RaceTrac + Potbelly: What’s Happening
In September 2025, RaceTrac agreed to acquire Potbelly, a fast-casual restaurant brand with 445+ locations across 32 states, purchasing the company for approximately $17.12 per share and closing the deal within the same quarter. The move brought Potbelly under the umbrella of a privately held convenience-store operator known for disciplined real-estate development and high-volume locations.
Since the acquisition, Potbelly leadership has emphasized that the brand’s long-term growth vision remains intact. Expansion plans targeting up to 2,000 units nationally have not changed, and RaceTrac has made clear that it intends to support — not dilute — Potbelly’s brand identity or organic growth strategy.
According to Potbelly executives, including SVP of franchising and development Jennifer Durham, RaceTrac does not plan to place Potbelly in every convenience-store location. Instead, selective co-development opportunities may emerge in markets where demographics, traffic counts, and land use align.
What RaceTrac Gains — and Why It Matters
Deepened Foodservice Capabilities
RaceTrac has invested heavily in foodservice over the past decade, evolving well beyond traditional gas-and-snacks offerings. The addition of Potbelly gives RaceTrac a proven, nationally recognized fast-casual brand, allowing the company to participate more directly in meal-occasion spending rather than only impulse purchases.
Industry analysts have already flagged this acquisition as a standout move of 2025, noting that it strengthens RaceTrac’s ability to compete not just with other c-stores, but with QSR and fast-casual restaurants for everyday dining dollars.
Scale, Franchising, and Real Estate Expertise
Potbelly brings with it a mature franchise model, existing development commitments, and a clear runway for expansion. Under RaceTrac’s ownership — and backed by its capital resources and site-selection discipline — that growth engine could accelerate.
RaceTrac currently operates approximately 800 locations across 14 states, with deep expertise in:
- Retail land acquisition
- High-traffic corridor development
- Ground-up store rollout and pad-site planning
This real-estate proficiency aligns closely with Potbelly’s ambitions to scale efficiently, particularly in suburban and high-growth Sun Belt markets.
Retail Real Estate & CRE Implications
1. Redefining the Convenience-Store Value Proposition
This acquisition further blurs the line between c-stores and traditional QSRs, positioning RaceTrac locations as hybrid retail destinations rather than quick fuel stops. Branded foodservice increases dwell time, repeat visits, and cross-shopping — all of which enhance overall site performance and center value.
2. Site Selection and Pad Opportunities
While not universal, co-located RaceTrac and Potbelly sites could emerge in dense suburban corridors, mixed-use developments, or lifestyle centers. This opens the door for:
- Non-traditional pad placements
- Shared parking and access points
- Restaurant-adjacent retail clustering
Developers and brokers should watch closely for these configurations, particularly in growth markets.
3. Enhanced Leasing and Traffic Dynamics
Strong foodservice anchors elevate average daily traffic counts and improve visibility for adjacent tenants — from coffee and dessert concepts to fitness, medical, and wellness uses. This effect is especially pronounced in high-growth Florida submarkets, where population increases continue to drive retail absorption.
What the Industry Is Watching in 2026
Retail and foodservice analysts widely view this acquisition as one of the most influential deals of 2025, potentially setting a precedent for other convenience-store operators to pursue restaurant brands via acquisition rather than internal concept development.
At the same time, RaceTrac’s move underscores a broader reality: convenience retailers are increasingly competing head-to-head with QSRs for meal occasions. This shift could influence:
- Lease structures in mixed-use developments
- Franchise territory planning
- Retail land valuations
- Performance expectations for pad users
Final Takeaway
RaceTrac’s acquisition of Potbelly reflects a larger trend reshaping retail and commercial real estate: foodservice and convenience are converging. For Florida developers, brokers, and investors, the message is clear — strong, recognizable food brands are becoming essential drivers of retail ecosystem performance.
As RaceTrac and Potbelly refine their post-acquisition strategy through 2026 and beyond, CRE professionals should be prepared for new opportunities where restaurant-driven traffic enhances land value, leasing velocity, and mixed-use performance.
