7-Eleven To Close More Than 400 Stores Across US, Canada, Mexico

Convenience store chain 7-Eleven plans to close hundreds of stores across multiple markets in an effort to streamline operations, its parent company has revealed.
In total, 444 locations across the United States, Canada, and Mexico will close. The news was revealed on Thursday in an earnings presentation by Tokyo-based company Seven & i Holdings, as reported by Restaurant Business Online.
The closures mark a significant shift for the convenience store giant, known for its ubiquitous presence in North American neighborhoods and elsewhere.
While specific locations affected have not been disclosed, the closures will target underperforming stores with a view to focus on higher-demand areas.
Traffic at North American 7-Eleven locations fell 7.3 percent in August and has been negative since early last year, according to the report. This is in line with inflationary pressures affecting other food-related industries.
“The closures are expected to deliver a $30 million operating income benefit this year and a $110 million boost to annualized run rate, according to the presentation,” as reported by Restaurant Business Online.
“The chain also has a deal to sell some North American properties in a $750 million sale-leaseback that will net it a profit of $520 million.”
In a statement via email to Newsweek on Friday, 7-Eleven Inc said: “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 non-core 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.”
Founded in 1927, and based in Irving, Texas, 7-Eleven has grown into a global brand, operating over 13,000 stores in North America alone. Its name reflects its opening hours of 7:00 a.m. to 11:00 p.m., seven days per week.
However, like many brick-and-mortar retailers, the company has faced challenges in recent years, from increased competition to shifts in consumer preferences toward digital convenience and delivery services.
The move is expected to impact hundreds of employees across the three countries, with a significant portion of closures concentrated in the United States, the company’s largest market.
Despite the challenges, 7-Eleven remains one of the largest convenience store chains in the world, with over 80,000 locations across 18 countries and a vast array of prepared and convenience food on offer for customers.
According to the report, Seven & i holdings is trying to avoid a takeover bid by rival Alimentation Couche-Tard, the owner of Circle K. Couche-Tard is currently offering $47.2 billion to acquire the company.
Also in the report, on Thursday, Seven & i announced it is creating a separate company for its non-convenience-store businesses, such as supermarkets and specialty stores. The spin-off company will be called York Holdings Co. In addition, Seven & i is also considering changing its name to 7-Eleven Corp to reflect its ‘c-store’ focus.
Update 10/11/24, 11:30 a.m. ET: This article has been updated with comment from 7-Eleven.