CHARLOTTE, N.C. -- 7-Eleven Inc. plans to return to the greater Charlotte, N.C., area through a deal to acquire 55 Sam's Mart convenience stores in North and South Carolina and convert them to 7-Eleven stores this year.
The company operated stores in the Charlotte region from 1964 until 1988. It exited that market and several others in the late 1980s after a leveraged buyout, 7-Eleven spokesperson Margaret Chabris told CSP Daily News. She declined to comment directly about the Sam's Mart agreement.
Matthews, N.C.-based Sam's Mart will continue to operate its other 91 stores in the Charlotte and Atlanta metro areas and retain its office personnel. 7-Eleven has offered store personnel employment upon successful background checks and interviews.
As reported in a Morgan Keegan/CSP Daily News Flash on Friday, the transaction is anticipated to close in February, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
The acquisition is part of the Dallas-based convenience retailer's accelerated growth plan. 7-Eleven opened about 650 stores in the United States and Canada in 2011. Seven & i Holdings Co. Ltd., the U.S. chain's Tokyo-based parent company has not yet announced goals for 2012, said Chabris.
"Sam's Mart has a successful store operation and quality locations that fit our strategy to expand where we have existing stores or in areas near markets where we have operations," Stan Reynolds, 7-Eleven executive vice president and CFO, said in a statement. "We will provide the food, beverages and services that 7-Eleven stores are best known for. Consumers will soon see Slurpee and Big Gulp drinks, Big Bite hot dogs and other roller grill items, 7-Eleven coffee and some 300 of our 7-Select private-brand items after we begin the conversion, which gets underway soon."
In addition to the 7-Eleven product offering, the company will introduce its proprietary retail information system to provide store personnel with leading technology to better serve their customers' needs.
Local contractors will be hired for the remodeling program to begin later this year.
Sam's Mart was advised by Robert L. Valentine of Trefethen Advisors LLC, Scottsdale, Ariz. Valentine declined a request for comment.
Sam's Mart executives did not respond to requests for comment by press time.
7-Eleven operates, franchises or licenses more than 9,000 7-Eleven stores in North America. Globally, there are more than 44,300 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales of more than $62.7 billion.
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