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7-Eleven, Inc., an American convenience store chain owned by Japan's Seven & I Holdings but headquartered in Irving, Texas, revealed it aims to expand its brand further worldwide. For this, it will implement its aggressive growth plan, which will mainly involve food and beverage (F&B) programs.
Expansion and Restructuring to Ramp Up Global Growth
According to Reuters, Seven & I Holdings said on Tuesday, April 23, that it would like to see massive growth for its 7-Eleven brand of convenience stores worldwide. As part of this venture, the company will speed up its entry into key markets such as the Middle East, Europe, Africa, and Latin America.
The Japanese retail giant's target is to increase the global number of 7-Eleven stores by 18% to around 100,000 by 2030. It will also work on bringing the convenience store brand to 30 more countries and regions.
The growth plan is part of 7-Eleven's large-scale restructuring, which involves selling underperforming grocery stores. The company is also pursuing this due to pressure from activist investors.
Putting More Focus on Food and Beverage
At any rate, 7-Eleven also said it will expand its food and beverage program this year. The chain wants to increase its operating income by $113 million; to achieve this, it will focus on fresh food and expanding its private brands.
NACS reported that 7-Eleven has a food and beverage modernization program, including self-serve roller grills and specialty hot beverages, which are currently being implemented in 500 stores. The company will roll out these new programs to 2,500 branches in 2024.
"We expect to see a challenging start to 2024," Joe DePinto, president and chief executive officer of 7-Eleven, said during the recent fourth-quarter earnings call. "However, we have aggressive plans in place, and we will accelerate our investments expanding our food and beverage modernization platforms in our stores, refreshing our stores' exteriors and interiors, and enhancing overall operational execution."
Photo by: Duy Nguyen/Unsplash
