7-ELEVEN’s CEO has revealed incredible plans to open a whopping 600 stores that switches up their old design.
The North American stores are planned to open by the end of 2027 and will demonstrate a new prototype that differ from the rest of the stores.
7-Eleven’s CEO has revealed plans to open 600 ‘food and beverage forward’ stores[/caption]
The new 600 convenience stores are planned to be large-format and food-focused, as the company looks to debut its New Standard stores.
CEO Joseph DePinto told investors on Thursday about the new stores and what they had to offer.
The stores will consist of “more contemporary facilities” that offer “a larger product assortment and expanded food and beverage offerings” compared to other stores, the CEO said.
The New Standard format is the first prototype 7-Eleven has launched since bringing out its Evolution store idea back in 2019.
CEO DePinto said on Thursday that the retailer has “leveraged key learnings” from its Evolution stores over the years – resulting in the New Standard plans.
He added how the new stores feature “many of the same elements of the Evolution stores” – as well as in-store seating and even electric vehicle charging stations.
While it’s not known how many New Standard c-stores 7-Eleven currently has, the first location opened around a month ago in the Dallas suburb of Allen, Texas, according to a social media post.
DePinto also said the New Standard stores that have opened have provided the retailer with a whopping 11 per cent return on invested capital.
And these stores have incredibly outpaced the total sales its Evolution stores made in its first year by 30 per cent, according to Thursday’s investment presentation.
7-Eleven looks to operate 115 New Standard locations by the end of 2024.
It aims to build 125 of them next year, 175 in 2026 and 200 in 2027.
The locations of these openings were not specified.
DePinto said: “Our new stores are food and beverage forward, and our customers appreciate them, and the stores continue to improve.”
The new plans for the 600 stores comes as 7-Eleven 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.
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.”
How to cut the cost of your grocery shop
BELOW are some tips on how to reduce the amount you spend on groceries.
- Write yourself a list – Only buy items that you need. If it isn’t on your list, don’t put it in the trolley
- Create a budget – Work out a weekly budget for your food shopping
- Never shop hungry – You are far more likely to buy more food if your tummy is rumbling
- Don’t buy pre-chopped veggies or fruit – The extra they’ll charge for chopping can be eye watering
- Use social media – Follow your favourite retailers to find out about the latest deals
- Be disloyal – You may want to go to different stores to find the best bargains
- Check the small print – It’s always worth checking the price per kg/lb/litre when comparing offers so you’re making a like for like decision as a bigger box won’t necessarily mean you get more
- Use your loyalty cards – Don’t be afraid to sign up to them all. They all work slightly differently – work out what bonus suits you better and remember to trade in your points for additional rewards
