7-Eleven Shuttering 444 Stores in North America

7-Eleven Hiring Sign on Bay Street in Toronto (Photo: Dustin Fuhs)

Future Expansion and Takeover Speculation

In addition to focusing on food, 7-Eleven has signalled its intent to continue expanding into areas with high demand for convenience. While some stores are closing, the company is committed to opening new locations in key markets where foot traffic and customer needs align with its business model. The approach ensures that 7-Eleven maintains a significant presence across North America, even as it closes underperforming sites.

These strategic moves come as the company faces increased pressure from a potential takeover by Couche-Tard, the owner of Circle K. Couche-Tard recently raised its bid to US$47.2 billion to acquire Seven & I Holdings, adding urgency to the company’s efforts to realign and strengthen its operations. The bid is being closely watched as 7-Eleven continues to make decisions that could shape its future for years to come.

While no detailed information has been provided regarding the impact of these closures on Canadian stores, a 7-Eleven spokesperson stated that the company is “optimizing its portfolio” and remains committed to opening new locations in areas with strong demand.

Four 7-Eleven Stores Close in Winnipeg Due to Crime 

In Winnipeg, four 7-Eleven stores have closed as part of a larger trend driven by rising crime, particularly shoplifting, which has overwhelmed security efforts. Locations at 815 Ellice Avenue, 665 McPhillips Street, 1007 McPhillips Street, and 1103 Pembina Highway were among those affected. 

Despite measures like time-lock safes, security cameras, and reduced access to high-theft items, these stores could not sustain operations. Additionally, the company has warned that up to 10 stores in the city could face similar closures due to ongoing security challenges 

Local government and retailers have called for additional policing and broader crime prevention strategies, but many fear that without meaningful intervention, other businesses in these areas could follow 7-Eleven’s lead and shutter their operations.

Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=670dcee9ad4342ba8e05e25f558bcedc&url=https%3A%2F%2Fretail-insider.com%2Fbulletin%2F2024%2F10%2F7-eleven-shuttering-444-stores-in-north-america%2F&c=11828242866400094199&mkt=en-us

Author :

Publish date : 2024-10-14 14:49:00

Copyright for syndicated content belongs to the linked Source.