Wawa’s 145th Shareholder’s Meeting

In many of past entries, I’ve often mentioned our long history and deeply valued culture that has made us the company we are today.  We are a Company with more than 200 years of history in American business. While you all know as the convenience store chain we are today, we were founded in 1803 and incorporated in 1865. Wawa has roots in the manufacture of cast-iron water pipes and decorative lampposts. Next, the family opened a cotton mill and began producing cotton pieces. The Wawa Dairy opened in 1902, and the first Wawa Food Market opened in 1964.

Throughout all of this change, and as the Company has continually responded to change through the years, the elements that have remained constant and which are the source of our strength and foundation have remained the same-- our family values and our family ownership structure. Wawa is a privately held company with 61% of the Company owned by the descendants of George Wood. An additional 28% of Wawa is owned by our Associates in the Employee Stock Ownership Plan, which is a great source of pride and value to our associate owners.

Last week, we held our Annual Shareholder’s Meeting. This wonderful Wawa family tradition gives us the opportunity to review our business performance and how it is providing “value” to our shareholders; and to review how we are living our “values”, which are stronger than ever. This meeting provides a time for us to review and “renew” our commitment to our six core values:  value people; delight customers; embrace change; do the right thing; do things right; and have a passion for winning. Our past and future successes would simply not be possible without our strong ownership structure and value system. They unite our associates and engage our organization.

2009 was a banner year in living and celebrating our values. As I reported at our Shareholder’s Meeting and referred to in many past journal entries, some of our milestones and achievements included:

- Celebrating our first ever “Values Day” companywide
- Hosting 45 “Wawaversary” celebrations throughout our communities
- Recognizing more than 3,248 Associates as Values Champions
- Awarding more than 84 million “Goose Bumps” to Associates for above and beyond performance in their stores
- Publishing our first Values Storybook, showcasing the best values stories of the year
- Celebrating 137 General Managers and Area Managers at our annual President’s Club, a special annual retreat celebrating top performers in the company, which took place in Puerto Rico this year

Our values are alive and well and our commitment is never wavering. So far, in 2010, we have several examples of how these values are stronger than ever: our commitment to be the new title sponsor of Philadelphia’s Welcome America July Fourth Celebration; the celebration of our saving customers more than $1 billion with billionth surcharge-free ATM transaction parade; and the launch of two major initiatives for us:  Green Goose, our new sustainability strategy and Fit to Fly our Associate Wellness program.

I look forward to sharing more with you in the coming months about our commitment to adding value and values to our customers and associates daily lives.

‘Till next time…

I’ve still got a kick in my step from marching in our Billion Dollar Savings Parade yesterday, to the beat of the Mummers Band.  It was a crystal clear day and the sun was shining brightly over Love Park in Center City Philadelphia, the perfect setting for the celebration of a milestone in our company’s history-- the one billionth transaction using our surcharge-free PNC Bank ATMs.  Throughout the years we’ve collectively saved our customers more than $1.3 billion in potential ATM surcharge fees, and that’s something we simply just had to celebrate.  

So PNC Regional President, Bill Mills and I were joined by loyal Wawa customers and associates, our mascot Wally Goose, mascots from regional favorites including Tastykake, Herrs and local Minor League Baseball teams, and special guest Ben Franklin, to celebrate savings in our own special way! 

Over 100 people dedicated to savings came out and together we all marched towards our Wawa store at 17th and Arch Street in Philadelphia, where our parade concluded with Ben Franklin, Philadelphia’s very own symbol of savings and frugality, reading a Wawa declaration asserting everyone’s inalienable right to surcharge-free banking.  Ben then made the ceremonial one billionth surcharge-free ATM transaction and received a golden receipt marking the special transaction.

This milestone served as a symbol of our commitment to value and to the importance of making choices guided by strong values.  We began our relationship with PNC in the mid-80’s and in1996 we installed ATM’s in all Wawa stores. Since that time, we have never imposed an upfront surcharge.  Today, our Surcharge-Free ATM’s have saved customers more than $1.3 billion and this is a solid part of our brand. In fact, we have three times the traffic to ATMs in our stores than all other banks in the region have to their ATMs. 

Our ATMs have truly become a source of convenience and savings that our customers can’t live without and keeping these ATM’s surcharge-free has become part of our commitment to providing customers with the highest level of value and convenience possible.

Even though the parade is over the celebration is continuing in all 572 of our stores in five-states – with an instant win ATM promotion.  Right now, Wawa customers using any PNC Bank ATM in our Wawa stores will have a chance to win a Wawa beverage instant win golden coupon for a free 16-oz Wawa iced tea or fruit drink with each transaction. 50,000 golden coupons will be dispensed randomly during the next week.  So stop into a Wawa and get your money for nothin’ and your tea for free!

Till’ next time…

ATM Billionth_Phila Inq_041310_2pg.pdf (678.73 kb)