7-Eleven closing 400+ stores—Is yours next?
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With over 400 7-Eleven stores closing across North America, you might be asking, "Is my favorite spot for coffee and snacks next?"
The answer could be coming soon, as the convenience store giant, a part of so many daily routines, is cutting back on locations.
7-Eleven has long been synonymous with convenience, offering a quick stop for everything from morning coffee to late-night snacks.
However, the company's recent announcement to shutter around 3% of its North American stores signals a shift in the retail landscape.
The closures are a response to a cocktail of challenges, including slowing sales, decreased foot traffic, and the bite of inflation, as reported by Seven & I Holdings, the Japanese parent company of 7-Eleven, in their quarterly earnings report.
The closures will affect a portion of the 13,000 locations sprinkled across the U.S. and Canada, leaving loyal customers and employees facing uncertainty.
While 7-Eleven also operates a vast network of over 21,000 stores in Japan, the focus is currently on the North American market's adjustments.
One of the driving forces behind the closures is the decline in cigarette sales, which have plummeted by 26% since 2019.
This downturn reflects a broader trend in consumer habits, with a shift towards other nicotine products that have not sufficiently compensated for the loss in revenue.
The changing tides of consumer preferences are reshaping the convenience store industry, and 7-Eleven is feeling the impact.
The economic landscape has been tumultuous, with high inflation, rising interest rates, and a challenging employment environment.
Seven & I Holdings noted that while the North American economy has remained robust, thanks to the spending power of high-income earners, there's been a more cautious approach to spending among middle- and low-income individuals.
This caution has undoubtedly contributed to the decision to close stores that are not meeting performance expectations.
Despite the closures, 7-Eleven remains committed to its long-term growth strategy. The company emphasizes that it is continuously reviewing and optimizing its portfolio to deliver convenience to customers in the most effective ways.
The company has not yet disclosed the specific locations of the stores set to close or the timeline for these closures.
The news of 7-Eleven's store closures may affect many of us in different ways. Have you noticed changes in your local 7-Eleven's business, or do you have a favorite memory of the convenience store that you'd like to share? Perhaps you have thoughts on how the community can adapt to these changes?
Share your experiences and insights in the comments below!
The answer could be coming soon, as the convenience store giant, a part of so many daily routines, is cutting back on locations.
7-Eleven has long been synonymous with convenience, offering a quick stop for everything from morning coffee to late-night snacks.
However, the company's recent announcement to shutter around 3% of its North American stores signals a shift in the retail landscape.
7-Eleven plans to close more than 400 “underperforming” stores across North America due to various challenges including slowing sales and inflationary pressures. Image source: Pexels.
The closures are a response to a cocktail of challenges, including slowing sales, decreased foot traffic, and the bite of inflation, as reported by Seven & I Holdings, the Japanese parent company of 7-Eleven, in their quarterly earnings report.
The closures will affect a portion of the 13,000 locations sprinkled across the U.S. and Canada, leaving loyal customers and employees facing uncertainty.
While 7-Eleven also operates a vast network of over 21,000 stores in Japan, the focus is currently on the North American market's adjustments.
One of the driving forces behind the closures is the decline in cigarette sales, which have plummeted by 26% since 2019.
This downturn reflects a broader trend in consumer habits, with a shift towards other nicotine products that have not sufficiently compensated for the loss in revenue.
The changing tides of consumer preferences are reshaping the convenience store industry, and 7-Eleven is feeling the impact.
The economic landscape has been tumultuous, with high inflation, rising interest rates, and a challenging employment environment.
Seven & I Holdings noted that while the North American economy has remained robust, thanks to the spending power of high-income earners, there's been a more cautious approach to spending among middle- and low-income individuals.
This caution has undoubtedly contributed to the decision to close stores that are not meeting performance expectations.
Despite the closures, 7-Eleven remains committed to its long-term growth strategy. The company emphasizes that it is continuously reviewing and optimizing its portfolio to deliver convenience to customers in the most effective ways.
The company has not yet disclosed the specific locations of the stores set to close or the timeline for these closures.
Share your experiences and insights in the comments below!
