7-Eleven Closes 400 Underperforming Locations Due to Sales Decline
Reasons Behind the 7-Eleven Closures
7-Eleven, a leading convenience store chain, has announced the closure of 444 underperforming locations across North America. Citing factors such as slow sales, declining traffic, and inflationary pressures, the company highlights that cigarette purchases have significantly decreased, affecting the business model.
Sales Trends Impacting 7-Eleven
- 7-Eleven’s parent company, Seven & I Holdings, revealed in their earnings report the reasoning behind the impact on business.
- Despite robust overall performance in the North American economy, middle- and low-income consumers are gravitating towards prudent spending patterns.
- Cigarette sales, which once dominated convenience store revenues, have experienced a staggering 26% decline since 2019.
Future of 7-Eleven: Focus on Food
Despite these closures, 7-Eleven is committed to investing in food offerings in the U.S, which now constitutes its highest-selling category. The chain plans to introduce international food items, such as milk bread egg sandwiches and miso ramen, to attract more customers.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.