7-Eleven announced it will close hundreds of underperforming locations across North America.
“Seven & I Holdings, 7-Eleven’s Japan-based parent company, revealed in its earnings report that 444 locations are closing,” The Hill reports.
The company cited slow sales, declining traffic, inflation, and decreasing cigarette purchases among the reasons for closing the locations.
7-Eleven closing nearly 450 underperforming stores https://t.co/kK8f9MGitj pic.twitter.com/MMD5eA17mT
— New York Post (@nypost) October 12, 2024
New: 7-Eleven is closing down more than 400 locations across America. pic.twitter.com/1oopka7XmY
— The Calvin Coolidge Project (@TheCalvinCooli1) October 12, 2024
From The Hill:
A specific list of stores slated for closure wasn’t released. 7-Eleven has 13,000 locations across the U.S. and Canada, meaning the closures would only impact 3 percent of the company’s portfolio.
The chain also has over 21,000 shops in Japan.
ADVERTISEMENT“The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment. In this context, there was a more prudent approach to consumption, particularly among middle- and low-income earners,” Seven & I said in an earnings release.
The chain also pointed out that cigarette sales, once the largest sales category for convenience stores, has fallen 26 percent since 2019. A shift in sales to other nicotine products hasn’t made much of a difference, they said.
Popular convenience store chain 7-Eleven is set to close over 400 locations https://t.co/IQYU7ETrgm pic.twitter.com/rl1A99hNDz
— Daily Mail US (@DailyMail) October 12, 2024
BREAKING: 7-Eleven, the popular convenience store chain, has revealed plans to shut down over 400 stores across North America. pic.twitter.com/Xek7zn4zP4
— The General (@GeneralMCNews) October 12, 2024
Per CBS News:
The retailer declined to provide any details as to the locations of the stores to be closed or when the closures would occur.
“Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it. As part of this, we made the decision to optimize a number of noncore assets that do not fit into our growth strategy. At the same time, we continue to open stores in areas where customers are looking for more convenience,” 7-Eleven told CBS MoneyWatch.
7-Eleven’s announcement follows Walgreens disclosing it would close hundreds of stores across the United States.
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