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7-Eleven operator, Lotte Group's Korea Seven, is picking up speed with the completion of its merger and acquisition (M&A) deal with Ministop so it can start the take over of the stores in South Korea.
As per Pulse News, 7-Eleven is working double time so it can quickly covert the Ministop convenience stores in the country into 7-Elevens. Korea Seven bought the store chain in March, and now it is focusing on the conversion of Ministops so it can start its campaign and go against CU, one of the leading store chains in the region.
CU is said to have 15,855 outlets across S. Korea, while another rival, GS25 convenience store, has 15,453 locations. As for 7-Eleven, it only has 11,173 as of 2021, and Ministop operates 2,602.
In March, the franchise agreement of Ministop expired, and 7-Eleven seized the chance and entered into a merger agreement so it could take over its existing stores. This deal will eventually bring its store number to more than 13,000, and this will allow the company to catch up with its rival store brands.
As part of the agreement, Korea Seven said that all Ministops in Korea will now become 7-Eleven outlets. The deal proceeded smoothly after the country's Fair Trade Commission (FTC) approved Lotte CVS' bid to acquire Ministop Korea from the Japanese retail and financial services firm, Aeon Group.
Ministop Korea was sold for KRW313.3 billion or about $256.9 million in March. Korea Joongang Daily further reported that Korea Seven has been confirmed as 7-Eleven Korea's official licensee, which will allow it to acquire not only the stores but 12 Ministop logistics centers as well. These facilities are expected to boost 7-Eleven's quick-commerce and delivery services.
"We will be able to enhance brand competitiveness when the capabilities of two companies come together," Korea Seven's chief executive officer, Choi Kyung Ho, said in a statement regarding the acquisition.
Meanwhile, the FTC approved the merger of 7-Eleven and Ministop because it does not see the deal as something that will lead to a dominance of a specific company in the market.
