7-Eleven, which is owned by Japanese Seven & I Holdings, will close 444 stores in the U.S. and Canada due to rising costs spurred by high interest rates and changing consumer habits, which are to some degree influenced by interest rates, but also by the decline in cigarette sales.
The overarching goal is to align the company’s position with its long-term growth strategy, which means optimizing its portfolio to ensure its convenience locations are just that: convenient for its customers. As such, it will close many non-core assets while adding more stores where needed.
The company will position its stores to better reflect changing consumer preference, including access to fresh, higher-quality foods and beverages, sales categories that continue to experience year-on-year growth. Some of the updates will include bake-in-store items and self-serve stations, as well as the tried-and-true roller grills, grab-and-go options, and a variety of warm and cold beverages.
