Wawa’s branding as being uniquely born of Delaware County and the Philadelphia region has given it a fiercely loyal customer base and rewarded the Wood family who founded the convenience store chain a net worth of about $6 billion, writes Vernal Galpotthawela and Jordan for Bloomberg.
Wawa’s 1,000 stores generated sales of $18.5 billion in 2023.
The Wood family’s wealth comes from its 53 percent stake in the company, according to the Bloomberg Billionaires Index.
The chain was started by Grahame Wood in 1964 to sell milk from the family dairy.
The family’s fortunes are expected to grow further with Wawa’s most aggressive expansion campaign in its history, opening 280 new stores in the next decade in multiple states.
The expansion will test Wawa’s mid-Atlantic cult following to see if it translates in other parts of the country.
“As to whether that could jeopardize its regional appeal? I sure hope it doesn’t,” said Hailey Schearer, a loyal Wawa customer who went on to work there.
As the new kid on the block, the Wawa brand will have to outmaneuver established chains in new markets, and cater to regional tastes like fried chicken in the south, said Anthony Bonadio, a Wells Fargo & Co. analyst.
Find out more about the Wood family and Wawa’s expansion in Bloomberg.
