Seven & i Opener

7-Eleven holding company to open 500 new U.S. stores

Published in CSP Daily News

TOKYO -- Seven & i Holdings Co., the Tokyo-based parent company of 7-Eleven Inc., Dallas, plans to double overseas operating profit from its convenience store business in fiscal 2014 from 2010 levels by stepping up expansion in Asia and the United States, said Reuters, citing a report by the Nikkei business daily. Seven & I will open 500 new stores in the United States this fiscal year, 200 more than last year, the Nikkei said.

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7-Eleven Inc. announced in December 2010 that it had agreed to acquire ExxonMobil's retail interests in 183 locations in Florida. Seven & I president Noritoshi Murata said at the time, "Looking at our ExxonMobil purchase of their retail outlets [in Florida], I think it's that kind of buying activity that is likely in the future."

In late April, 7-Eleven signed an agreement to purchase Wilson Farms Inc., the Buffalo, N.Y.-based convenience store chain with 188 outlets in the state of New York.

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The number of Seven & I's stores abroad grew by 2,118 to top 27,000 in the year ended February, outpacing domestic growth more than fourfold. Operating profit from the overseas business was 33.3 billion yen ($411.7 million U.S.) in fiscal 2010 and the company aims to generate about 60 billion yen ($741.8 million U.S.) in 2014, the paper said.

Dallas-based 7-Eleven operates, franchises or licenses more than 8,400 7-Eleven stores in North America. Globally, there are approximately 40,900 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales close to $63 billion.

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