7-Eleven closing more than 400 locations
The exterior of a 7-Eleven convenience store is seen on August 20, 2024 in Los Angeles, California. Japan’s Seven & i Holdings, which operates 85,000 stores, said it had received a bid from Circle K operator Alimentation Couche-Tard. (Photo b
SAN FRANCISCO - 7-Eleven is closing hundreds of store locations across North America due to underperformance.
The convenience store chain, owned by the Japanese-based Seven & I Holdings, disclosed in an earnings report Thursday that 444 7-Eleven stores are closing because of a slump in sales, decreased traffic, inflation, and a fall in cigarette sales, CNN reported.
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While the exact locations of the closures have not been released, the shutdowns account for only 3% of the company's portfolio, according to the news outlet. The company has more than 13,000 stores in the U.S., Canada, and Mexico.
The earnings report from Seven & I Holdings siad that although the North American economy is "robust overall," middle- and low-income consumers have become more cautious with their spending due to factors such as inflation and high interest rates.
The chain has experienced six consecutive months of traffic declines, with a 7.3% drop reported in August.