According to CNN on October 11th, Seven & I Holdings, the Japanese parent company of 7-Eleven, announced in its financial report on Thursday (the 10th) that it would close 444 North American stores due to reasons such as slowing sales, declining foot traffic, inflation pressure, and reduced cigarette purchases.
The specific list of stores that will be closed has not yet been released. The chain brand has over 13,000 stores in the United States, Canada, and Mexico, so the number of stores being closed represents 3% of its total number of stores.
Seven & I stated in their financial report that despite a "relatively strong" North American economy, lower to middle-income consumers are adopting "more cautious spending habits" due to ongoing inflation, high interest rates, and a "deteriorating" job market. These factors resulted in a 7.3% decrease in customer traffic in August, marking the sixth consecutive month of decline.
The chain brand also pointed out that cigarettes, which used to be the top-selling category in convenience stores, have seen a 26% decrease in sales since 2019. Despite shifting to other nicotine products such as "ZYN," this gap has not been filled yet.
7-Eleven stated in a statement to CNN that the company is continuously reviewing and optimizing its asset portfolio, and the closed stores are part of its growth strategy. The brand mentioned that it will continue to open new stores in areas where customers require more convenience.
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