MASSIVE retailer 7-Eleven has admitted its plans to close down “underperforming” locations in the latest retail bloodbath.
A shocking 444 of the convenience store’s locations will be shutting its doors to the public, adding to its mounting total.
Retailer 7-Eleven has admitted its plans to close down some locations[/caption]
The stores are set to shut in stores in North America, including in the US, due to underperformance, the parent company Seven & i Holdings revealed in its quarterly earnings presentation.
The world’s largest convenience store retailer also agreed last month to offload an undisclosed number of properties in North America via sale-leaseback – for a profit of an unbelievable $520 million.
The deal is expected to close in February 2025.
In North America, the company said it’s enduring “a tough consumer spending environment, particularly among lower and middle-income earners.”
They added that consumers have exercised “a more prudent approach to consumption.”
Seven & i also acknowledged that North America stores are experiencing “a growing polarization of consumption due to a decline in labor incomes, which is a result of challenging employment conditions, as well as inflationary pressures and high interest rates.”
Upon being asked to confirm where the 444 stores are located that are closing, a 7-Eleven spokesperson told Retail Dive: “As part of this, we made the decision to optimize a number of non-core assets that do not fit into our growth strategy.
“At the same time, we continue to open stores in areas where customers are looking for more convenience.”
In June, 7-Eleven announced over 270 of their stores locations would be shutting doors to the public.
And in 2023, CBS News revealed that 7-Eleven shut down 184 stores nationwide.
If the closures for 2024 proceed as planned, there will be 88 more store closures this year compared to last year, the outlet says.
Meanwhile, despite some stores closing, 7-Eleven is also planning to open more than 270 new locations in 2024, MSN reports.
In the face of the closures, fans are not all that happy.
“7-Eleven closing 270+ stores?” one customer questioned on X/Twitter. “We’re doomed.”
7-ELEVEN AND SLURPEES
The Slurpee, originally called ICEE, was created by Omar Knedlik.
When one of his soda fountains malfunctioned, Knedlik stored his sodas in the freezer to keep them cold.
The resulting soda slush delighted his customers, leading him to invent a machine that would freeze carbonated drinks.
Seeing the success of the ICEE, 7-Eleven made a licensing deal with Knedlik in 1965 to sell the product under a new name, available only in their stores, according to National Today.
In 1966, the Slurpee was officially introduced; the name was coined by an advertising executive inspired by the sound made when drinking it.
By the spring of 1967, every 7-Eleven in the country had a Slurpee machine, the website said.
7-Eleven introduced eye-catching names for new flavors: fun names like Pink Fink, Moonshine, Sticky Icky, Gully Washer, and Adults Only were added to the expanding list of flavors.
On July 11, 2002, 7-Eleven celebrated its 75th anniversary by giving customers a free Slurpee, marking the first official Free Slurpee Day.
