the staff of the Ridgewood blog
Paramus NJ, in a recent earnings report, 7-Eleven’s parent company, Seven & I Holdings, announced that nearly 450 7-Eleven stores across North America will be closing due to underperformance. Specifically, 444 stores are set to shut their doors as a result of declining sales, particularly in cigarette sales, decreased customer traffic, and inflationary pressures.
The convenience store chain, which operates 13,000 locations across the U.S. and Canada, will only be closing 3% of its overall store portfolio. Despite this, the closures mark a significant shift for the iconic brand, which has faced six consecutive months of declining foot traffic, including a sharp 7.3% drop in August.
Seven & I Holdings highlighted that cigarette sales, once a cornerstone of the convenience store model, have plummeted by 26% since 2019. Efforts to shift to other nicotine products have not fully compensated for this loss in revenue. Additionally, the company pointed out that inflation and rising interest rates have contributed to a more cautious approach to spending among middle- and low-income consumers.
In response to these challenges, 7-Eleven is focusing on transforming its stores to prioritize food offerings, which have now become the top-selling category. The company aims to become “a world-class retail group centered around its food that leads retail innovation,” with plans to utilize technology and global growth strategies to revamp its business model.
Earlier this year, 7-Eleven also announced plans to introduce more international food items at its U.S. locations, including milk, bread, egg sandwiches, and miso ramen, as part of its efforts to adapt to changing consumer preferences.
While the company has not yet released a list of the stores set to close, this move is part of a broader effort to navigate the evolving retail landscape and remain competitive in the convenience store market.
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I’ll take Wawa any day over 7-11
Thank you, come again!
Filthy and disgusting most of them. Where is the border health? They must walk into some of these locations with sunglasses on
Uh Oh…. there is going to be a convenience store desert in crime ridden neighborhoods where police are not allowed to do their job.
The horror.