Tokyo – Seven & i Holdings, a major Japanese retail corporation, has announced its intention to significantly expand its 7-Eleven convenience store network on a global scale. To accomplish this, the company plans to expedite its entry into markets across Europe, Latin America, the Middle East, and Africa.
Seven & i Holdings aims to increase the worldwide number of 7-Eleven stores by 18% to approximately 100,000 by the year 2030. Additionally, the convenience store chain plans to establish a presence in 30 countries and regions, up from the current 20.
This expansionary plan is an integral part of a comprehensive restructuring strategy that involves the sale of non-performing supermarket assets, which was implemented in response to pressure from activist investors. In line with this strategy, the company has announced the closure of numerous Ito-Yokado supermarkets, exited the apparel business, and completed the sale of its Sogo & Seibu department store unit. Seven & i Holdings has also committed to investing over $2 billion in acquisitions of convenience stores in both Australia and the United States.
In relation to the North American market, Michael DePinto, CEO of 7-Eleven North America, stated that the group will continue to actively pursue opportunities for mergers and acquisitions in the region.
ValueAct Capital, a U.S.-based investor that has been critical of the company’s asset allocation and attempted to remove its president, recently praised the group’s restructuring plan and indicated that it would vote in favor of its board nominees.
