7-Eleven is expanding its presence in the New York metro area with a major focus on New York City, and Manhattan specifically. The company is looking to open 100 stores in the next five years in Manhattan either by executing new leases or through its business conversion program (BCP).
Ideal sites for 7-Eleven are from 1,700 to 3,500 [image-nocss] square feet in high-foot-traffic locations that allow for 24-hour operation.
Under a BCP franchise arrangement, owners are invited to convert their existing business to a 7-Eleven store and become a 7-Eleven franchisee incorporating the company's proven business model, proprietary products, services, technology and business processes. Under 7-Eleven's traditional franchise model, the company develops the store site and then franchises the business to a qualified candidate.
RKF executive vice president Ariel Schuster and associate Greg Covey will be responsible for the majority of Manhattan, focusing primarily on the areas below 125th Street on the west side and 96th Street on the east side. Executive vice presidents Barry Fishbach and David Rosenberg will concentrate on Upper Manhattan.
7-Eleven's newest locations in Manhattan include stores at 103 West 14th St., 140 Church St. and 676 Amsterdam Ave. The company is currently negotiating several other leases and has several BCP franchises in progress. These sites were designed as part of retailer's new store format that was created specifically for Manhattan and includes enhanced lighting, wall finishes and flooring.
"We are identifying the leading real estate firms in our growth markets, and RKF is well suited to assist us in increasing our presence in Manhattan," said Dan Porter, 7-Eleven's vice president of real estate. "Their local market intelligence, experience and contacts will be critical to our rapid expansion in this New York borough."
Included in what 7-Eleven stores bring to the community are business and job opportunities, a new tax base, fresh and hot foods, prepaid and financial services and entertainment. Nearly 300 food and other products are sold under 7-Eleven's private-label brand of 7-Select that offers quality merchandise at a value.
"Being tapped by 7-Eleven to help them expand in Manhattan is a testament to our proven ability as a broker," said Schuster. "7-Eleven is in a tremendous position to grow and become a fixture in Manhattan's retail landscape. The brand strength and versatile product mix make the company well suited for success in Manhattan."
Based in Dallas, 7-Eleven operates, franchises or licenses some 7,900 7-Eleven stores in North America.
An independent real-estate firm specializing in retail leasing and investment sales, Robert K. Futterman & Associates, New York, serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition.
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