Company News

Seven & I Eyes Global Expansion

Japanese company looking to add more than 300 stores in U.S., Canada
TOKYO -- Seven & i Holdings Co. Ltd.--Japan's top retailer and parent company of Dallas-based 7-Eleven Inc.--is still looking for overseas growth opportunities after a $2-billion bid for Casey's General Stores was rejected, according to a report by NTD Television. Facing weak growth prospects in a saturated Japanese marketplace, it will add more than 300 stores next year in the United States and Canada.

Seven & I president Noritoshi Murata said more moves like acquiring ExxonMobil gas stations are possible, the report added. "Looking at our ExxonMobil purchase of [image-nocss] their retail outlets [in Florida], I think it's that kind of buying activity that is likely in the future," he told the news outlet.

In a deal that the company said fits in well with its "aggressive" growth strategy, 7-Eleven Inc. announced earlier this month that it agreed to acquire ExxonMobil's retail interests in 183 locations in Florida. (Click here for previous CSP Daily News coverage.)

As previously reported, Murata said in a Notice Regarding Acquisition of Exxon Mobil's Retail Interests that "7-Eleven Inc.'s acquisition of the retail interests will contribute to higher revenues and profits from convenience store operations in the United States and Canada in two principal ways: 1.) Florida is one of the key areas for store openings in the United States and Canada. The acquisition will enhance customer recognition of 7-Eleven by advancing the concentration of the 7-Eleven network in Florida. 2.) The acquisition will boost the efficiency of 7-Eleven Inc.'s infrastructure--including fresh food production facilities and joint distribution network--and increase store profitability."

He added that he expected the deal to close on March 31, 2011.

Seven & I operates the 7-Eleven convenience chain, with more than 8,300 stores in North America and about 39,500 worldwide. It made more than $800 million in profit last quarter, up 12% from the previous year's period, expecting more than $2.8 billion for the full year.

Murata said overall profit growth will exceed 10% next year, while 7-Eleven will expand its online business, taking convenience stores into the home.

Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Foodservice

Opportunities Abound With Limited-Time Offers

For success, complement existing menu offerings, consider product availability and trends, and more, experts say

Snacks & Candy

How Convenience Stores Can Improve Meat Snack, Jerky Sales

Innovation, creative retailers help spark growth in the snack segment

Technology/Services

C-Stores Headed in the Right Direction With Rewards Programs

Convenience operators are working to catch up to the success of loyalty programs in other industries

Trending

More from our partners