Convenience store chain closing 444 stores – while opening 600 in new format
The convenience store chain 7-Eleven is closing 444 locations across North America – while simultaneously working to open more than 600 others.
7-Eleven’s Japan-based parent company, Seven & I Holdings, a few weeks ago announced it would be shuttering the hundreds of ‘underperforming’ stores amid inflation and a drip in cigarette sales.
That represents 3% of its over 13,000 stores in the US, Canada and Mexico.
7-Eleven at the time told CNN that it ‘continuously reviews and optimizes its portfolio’ and keeps opening stores ‘in areas where customers are looking for more convenience’.
Last week, Seven & I Holdings in an investor presentation revealed it is planning to open hundreds of new locations, making its net store count even higher.
The chain seeks to open 600 large-format, fast-casual food stores in North America by the end of 2027, said 7-Eleven CEO Joe DePinto. The ‘New Standard’ stores will have more food options and self-checkout counters.
Some ‘New Standard’ stores are already up and running and have shown an 11% return on investment, according to DePinto.
The new concept also referred to as ‘Evolution’ stores will have in-store restaurants, wine cellars and cigars and other premium offerings. The first one opened in Dallas in 2019 and it was not clear how many are operating.
7-Eleven aims to have 115 of the new stores open by the end of 2025, 175 in 2026 and 200 in 2027.
‘In our Evolution stores, the feedback we received from our customers was pretty straightforward. So, we built these stores with our customers’ sentiments in mind,’ said DePinto in an investor call, according to Nation’s Restaurant News.
‘We’re projecting that at full maturity, four years, that these new standard-store sales will further increase by 30% to $8,219 average per store day.’
The exact locations of the 444 stores closing has not been disclosed. Las Vegas, which has more 7-Elevens than any other city in the US, has already seen a couple of locations shuttered, KLAS reported.
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