(KTLA) – Hundreds of “unprofitable” 7-Eleven stores across North America will close, the convenience store announced Thursday.
Seven & i Holdings, 7-Eleven's Japan-based parent company, earnings report 444 stores will be closed. The company cited weak sales, declining customer traffic, inflationary pressures and a decline in cigarette purchases as reasons for some store closures.
A specific list of stores scheduled to close has not been made public. 7-Eleven has 13,000 stores in the U.S. and Canada, and the closures only affect 3% of its portfolio.
The chain also operates more than 21,000 stores in Japan.
“The North American economy remained strong overall, despite continued inflation, rising interest rates, and a deteriorating employment environment, thanks to consumption among high-income earners. , a more cautious approach to consumption was taken,” Seven & i said in the article. Earnings release.
The chain also noted that cigarette sales, once the convenience store's biggest sales category, have fallen 26% since 2019. The company says the shift in sales to other nicotine products has not brought about any major changes.
Still, the company said it would continue to invest in U.S. food products, which currently have the highest sales and are the biggest attraction for customers.
In July, it was announced that convenience store chains would also sell the product. Popular international dishesin the United States, milk bread egg sandwiches and miso ramen, etc.
