Three Bears buys 6 more retail properties in the Interior and Unalaska

A Sourdough Fuel official said Three Bears’ purchase of the gas station/convenience store at 3330 Badger Road in North Pole is pending transfer of the store’s liquor license. (Sourdough Fuel/Google Maps)

Three Bears Alaska is continuing its statewide expansion.

The rapidly growing Wasilla-based grocery and retail chain is buying six new properties. The latest acquisitions include a supply store in Unalaska and a gas station-convenience store in Delta Junction. In Fairbanks, Three Bears is buying four Sourdough Fuel gas-station-convenience stores.

“The Sourdough stations, the gas stations up there, those are all going to be Three Bears gas stations,” said Jim Kolb, a Three Bears spokesperson.

Kolb said the company is still working on plans for the changeover. A Sourdough Fuel official confirmed one of the purchases, but referred questions to Three Bears. Kolb said his company should be able to convert the fuel stations fairly quickly, because all the company has to do basically is change signage and swap out some new inventory.

But he said more work will be required with another new acquisition: a privately owned gas station-convenience store in downtown Delta Junction.

“Yeah, we bought that Buffalo Service station and the shop and all that,” he said, “and we’re going to transform it into a gas station and little grocery store, for the time being.”

a gas station
Three Bears plans to remodel the Buffalo Service repair shop into a mini-grocery store, then build a new structure next year for a full-size store. (Tim Ellis/KUAC)

Kolb said the company will operate the business in that configuration until next summer, when it plans to build a real grocery store on the site. But he said Three Bears wants to provide the community with at least a small store as soon as possible, because company officials have been hearing from Delta residents about the need for more locally available groceries.

“Because we know they don’t have anything up there, and they’ve been screaming,” he said in an interview Friday.

Delta lost its only grocery store in December 2021, when its roof collapsed under a heavy snow load dumped by a winter storm. Since then, store owner Ed Larson has been selling a small inventory of groceries packed into his liquor store next to the new store that’s under construction.

“Yeah, it’s going to be competition,” he said. “I mean, we’re not buying his business.”

Meanwhile Three Bears also is expanding into the Aleutian Islands, with the purchase and planned expansion of the Alaska Ship Supply store in Unalaska.

“I believe in November is when we’re shooting to have that open,” Kolb said.

a grocery store
Three Bears plans to expand the groceries section of its Alaska Ship Supply Store in Unalaska. (Andy Lusk/KUCB)

Three Bears has been on a buying spree over the past year and a half, since the company entered into a recapitalization deal with a Seattle-based private equity firm. Since then, Three Bears has built or acquired stores near Ketchikan, Eagle River, Cooper LandingEster and North Pole.

“We were growing anyway up until then,” Kolb said, “but that recapitalization has allowed us to leverage investors’ money, instead of the bank, so we have to come up with less down (payment) to get these projects going, which is very, very helpful.”

Not counting the six newest acquisitions, Three Bears has 13 grocery stores, eight gas stations, nine sporting-goods stores and four pharmacies. The company opened its first store, in Tok, in 1980.

Kolb said the company is hustling to keep pace with its many building and renovation projects — including a new retail complex in North Pole.

“That North Pole store was supposed to be open this summer. It got pushed to next summer now,” he said. “I mean, we’re trying. We got three stores going up right now. We’re just taking over a few, as well. So, we’re pretty slammed right now.”

The North Pole project includes a more than 56,000-square-foot grocery supermarket, and an over 14,000-square-foot Ace Hardware store. North Pole Mayor Mike Welch said the project on the south side of North Pole promises to transform the town as much as the North Pole Plaza did back in the 1980s.

“That was a moment in the crossroads of the city, 40-something years ago,” he said, “being able to say, ‘We don’t need to go to Fairbanks anymore. We now have our own grocery, our own hardware, whatever.’”

Welch and Kolb both anticipate the new North Pole retail complex will open next year around Memorial Day.

KUAC - Fairbanks

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