Careers at Core-Mark
Core-Mark operates as a wholesale distributor of various consumer products for the convenience retail market. The Company aims to be the most valued marketer of fresh and broad-line supply solutions to the convenience retail industry.
Core-Mark organises its operations into two operating segments corresponding to geographic regions:
- US, comprising the Company’s domestic US operations; and
- Canada, comprising the Company’s operations in Canada.
Core-Mark was founded in 1888 by the Glaser brothers. The Company initially operated as single storefront in San Francisco, under the name Glaser Bros, offering a range of tobacco products.
The Company grew throughout the 20th Century, diversifying its product portfolio and expanding its service offerings. It remained in the hands of the Glaser family until 1974, when it was sold to David Gillespie (“Gillespie”). Gillespie subsequently took the Company public, listing a portion of its shares on the Toronto Stock Exchange in 1984. Core-Mark, however, was privatized again in 1989, under a privatization led by several private equity firms.
In 2002 Core-Mark was sold to Fleming Companies. Fleming Companies, however, entered bankruptcy proceedings a year later, with Core-Mark also suffering financially as a result. Having emerged from the bankruptcy of its parent company in 2004, Core-Mark again sought a public listing, with the Company ultimately listing on the NASDAQ in 2005.
Core-Mark has since stabilized and expanded further, and is now one of the largest wholesale distributors to the convenience retail market in North America, serving a number of high-profile customers across the US and Canada, including 7-Eleven. The Company is placed 317th on the Fortune 500 list. It continues to trade shares on the NASDAQ, and has a current market capitalisation of $1.63 billion.
Benefits at Core-Mark
Business model of Core-Mark
Core-Mark is a leading wholesale distributor to the convenience retail industry in North America, providing sales, marketing, distribution and logistics services to more than 36,500 customer locations across the US and Canada. The Company has three principal customer segments:
- Traditional convenience stores, comprising a number of major national and super-regional convenience store operators, as well as independently owned convenience stores;
- Alternative retail outlets, comprising grocery stores, drug stores, liquor stores, cigarette and tobacco shops, hotel gift shops, military exchanges, college and corporate campuses, casinos, hardware stores, airport concessions and other specialty and small format stores; and
- Manufacturers, comprising manufacturers of various consumer products.
In 2015 Core-Mark’s top ten customers accounted for 37.4% of its net sales, including its largest customer Alimentation Couche-Tard, which accounted for 14.2% of the Company’s total net sales. Other customers include 7-Eleven, Rite Aid, and Murphy USA.
Core-Mark’s principal market is its native US, which accounted in 2015 for more than 90% of its net sales. The Company’s remaining sales were to customers in Canada.
Core-Mark provides value to its customers in the following ways:
- Its reputation and industry standing, with the Company established as an effective operator within the industry and one of the largest wholesale distributors the North American convenience retail industry;
- Its track record for delivering reliable and efficient services, with the Company operating an efficient distribution and logistics systems for timely delivery of products to customers;
- Its innovative and flexible service offerings, with the Company enabling customers to place small quantity orders, inventory management and access to trade credit, as well as innovative marketing programs, technology solutions, and logistics support services; and
- Its extensive distribution capabilities, with the Company able to service large national chain accounts, through its broad network of logistics and distribution facilities across the US and Canada.
Core-Mark operates a website at www.core-mark.com, through which it provides information on its services, company structure, and distribution network. The Company also operates an online customer portal under the name My Core-Mark, through which customers are able to connect with local divisions and retrieve information regarding certain services.
Core-Mark serves its customers through a direct sales and service teams that operate through the Company’s network of offices. The Company’s distribution and logistics services are provided through the Company’s own distribution infrastructure, including 20 distribution centres in the US and four distribution centres in Canada. Core-Mark utilises a proprietary Distribution Centre Management System platform across its distribution network.
Core-Mark also operates four consolidation centre, which buy products from suppliers in bulk and re-distribute the products to distribution centres, as well as two additional facilities as a third party logistics provider.
Core-Mark provides a small portion of services to its customers on a self-service basis through its online customer portal. This channel allows customers to manage certain account details and access information without interacting directly with members of the Core-Mark sales team.
Core-Mark’s customer relationships are managed by dedicated relationship management staff and sales and support team, which work closely with customers in order to fully cover the individual needs of each client. The majority of the Company’s sales are made under purchase orders and short-term contracts with convenience retail stores. The Company often agrees multi-year service contracts and seeks to secure recurring business.
Core-Mark provides ongoing support to customers through its online customer portal. Customers are also able to contact support staff directly, and receive personalised responses to enquiries, by filling in an online contact form. The Company also operates social media accounts, including with Facebook and Twitter, through which it is able to interact with customers directly.
Core-Mark operates as a wholesale distributor of products to convenience retail businesses across North America, providing sales, marketing, distribution and logistics services to numerous customers across the US and Canada.
The Company utilizes an extensive network of owned and leased distribution facilities. Core-Mark reports its activities in two geographic segments: US, and Canada. The Company's product categories include cigarettes, food, candy, other tobacco products, health and beauty products, beverages, and equipment. Core-Mark’s customer base principally comprises traditional convenience stores – including high-profile companies such as 7-Eleven – as well as alternative retailers, including drug stores, liquor stores, cigarette and tobacco shops, hotel gift shops.
Core-Mark collaborates with a range of companies throughout the acquisition and distribution of its products. These partnerships include:
- Supplier and Vendor Partners, comprising suppliers of stock and products, tools, and services, which support the Company’s supply chain and distribution operations; and
- Strategic and Alliance Partners, comprising a range of companies with which the Company shares resources and collaborates on joint projects.
Core-Mark’s supplier partnerships include tie-ups with strategically-located dairies, fresh kitchens and bakeries that enable the Company to deliver fresh products to its customers, including sandwiches, cut-fruit, pastries, and bread. The Company is in the process of transitioning portions of its fleet to compressed natural gas, owning and operating two compressed natural gas plants in partnership with US Oil.
Core-Mark’s key resources are its supply chain infrastructure, its distribution infrastructure – including its fleet of vehicles, its IT and communications infrastructure, its sales channels, its partnerships, and its personnel.
The Company owns and leases a number of properties, including 24 distribution centres across the US and Canada, as well as four consolidation centres. The Company also operates several compressed natural gas plants, and has a fleet of 870 tractors, trucks and vans, the majority of which are leased.
Core-Mark incurs costs in relation to the operation of its supply chain and the acquisition of stock, the operation and maintenance of its distribution and logistics infrastructure, the operation and maintenance of its distribution fleet – including the purchase of fuel, the maintenance of its IT infrastructure, the management of its partnerships, and the retention of its personnel.
In 2015 Core-Mark accrued warehousing and distribution expenses in the amount of $352.60 million, and selling, general and administrative expenses – including the payment of salaries and benefit to its workforce of 6,655 employees across the US and Canada – totaling $196.00 million.
Core-Mark generates revenue through the provision of marketing, distribution, and logistics services to the North American convenience retail market. This includes service and sales revenue derived from its core services, as well as shipping and handling fees and related costs.
In 2015 Core-Mark generated total net sales of $11.07 billion, up on the $10.28 billion in sales recorded by the Company the previous year. The Company’s sales are divided into several product categories. The majority of its sales relate to products from its Cigarettes category, which accounted for $7.53 billion in sales for the year. The only other product category that contributed more than $1 billion to the Company’s total net sales was its Food category, which generated $1.59 million in sales in 2015.
info: Thomas (“Perkins”) has served as President and Chief Executive Officer of Core-Mark since 2013. Perkins is a longstanding employee of Core-Mark, having first joined the Company in 1993. He served initially as Controller, a role he held for three years, before going on to hold a number of leadership roles of increasing responsibility. Prior to assuming his current position Perkins served as Division President, Division President for ADC, Vice President of US Divisions, and finally as Senior Vice President of Resources. Perkins began his career in 1985 in the Audit department of Arthur Andersen, ultimately serving as a senior auditor. He joined PepsiCo in 1987 in a senior auditor role, which he held for less than two years before being named Controller of the Southern California business unit. This was his last role before joining Core-Mark.
info: Christopher (“Miller”) has served as Senior Vice President and Chief Financial Officer since 2016. Miller first joined the Company in 2007 as Vice President and Chief Accounting Officer, a position he held for nine years before taking on his current role. Miller has worked within the retail sector since the 1980s. He began his career in 1989 at apparel retailer Fenn Wright and Mason, where he served in a number of roles over a period of seven years, including a spell as Vice President and Controller. In 2002 he joined Cost Plus World Market as Vice President and Controller, his final role before joining Core-Mark. Miller holds a bachelor’s degree in Business Administration from Dowling College and is a Certified Public Accountant.
info: Christopher (“Hobson”) has served as Senior Vice President of Marketing and Sales at Core-Mark since since January 2013. Hobson first joined the Company in 2000 as a general sales manager, a role he held for five years. He was promoted in 2005 to the position of Division President, firstly of the Hayward Division and subsequently of the Corona Division. In 2009 Hobson was named Vice President of Marketing, responsible for the Company’s ‘Fresh’ and ‘Vendor Consolidation’ initiatives. Prior to joining Core-Mark, Hobson worked at 7-Eleven, serving for four years as a market manager for the Company before joining Core-Mark. Hobson holds a bachelor of science degree from Humboldt State University.
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