Parent company of 7-Eleven plans 1,300 new stores for North America by 2031
Japan-based Kyodo News is reporting that Seven & i Holdings Co. is planning to open some 1,000 new convenience stores in Japan and 1,300 in North America by 2031 as part of a growth strategy after Alimentation Couche-Tard Inc. ended its bid to acquire the company in July.
"It is extremely important that we undergo changes now," said Stephen Hayes Dacus, representative director and president CEO, told a press conference in Japan. "We will change the way we run our business from the very beginning."
Seven & i currently operates some 21,600 7-Eleven stores in Japan and some 13,000 stores in North America. According to Kyodo News, the company’s growth plan is focused on enhancing shareholder value after Seven & i posted an 11% drop in operating profit in the March-May timeframe from a year earlier.
READ: Seven & i Holdings responds to failure of Couche-Tard’s takeover bid
Other steps the company is taking to put itself on a better financial footing and growth path is that it has agreed to sell its subsidiary operating the Ito-Yokado supermarket chain, to U.S. private equity firm Bain Capital in September.
