More than 400 7-Eleven stores in North America are scheduled to close during the second quarter of 2024 due to “underperformance,” company officials announced in a recent earnings call.
“Store Performance Optimization” improvements outlined on Friday reportSeven & i Holdings, 7-Eleven's Japanese parent company, announced that 444 stores will be closed.
One company says it has 13,000 stores in the U.S. and Canada and more than 21,000 in Japan, but won't say which stores will close. report From Fox 5 San Diego.
The closure will affect about 3% of the company's portfolio, the paper noted.
“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. “We saw a more cautious approach to consumption in China,'' Seven & i said. summarized Report.
“Inflationary pressures are keeping consumers away, making transportation and selling our products difficult,” the company said, highlighting the decline in the cigarette industry in particular.
Tobacco sales, one of the top categories in convenience stores, have fallen 26% since 2019, the report said.
The impending 7-Eleven closure was announced just months after California-based chain 99 Cents Only announced: Total 371 locations Company executives blamed the “difficult” decision on factors including “inflationary pressures.”
Back in March, Dollar Tree announced According to a report from Breitbart News, about 1,000 stores, mostly Family Dollar stores, are scheduled to close due to “failed” business decisions and an “unexpected fourth-quarter loss.”
