{"id":113497,"date":"2024-10-13T01:20:49","date_gmt":"2024-10-12T18:20:49","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=113497"},"modified":"2024-10-13T01:20:49","modified_gmt":"2024-10-12T18:20:49","slug":"popular-convenience-store-chain-7-eleven-is-set-to-close-over-400-locations","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=113497","title":{"rendered":"Popular convenience store chain 7-Eleven is set to close over 400 locations"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div itemprop=\"articleBody\">\n<p class=\"mol-para-with-font\">Popular convenience store chain, 7-Eleven, has announced the closure of over 400 stores across North America.\u00a0<\/p>\n<p class=\"mol-para-with-font\">The parent company to <a style=\"font-weight: bold;\" target=\"_self\" class=\"\" href=\"https:\/\/www.dailymail.co.uk\/news\/article-13931583\/Video-mob-ransack-California-7-eleven-clerks-defend-store.html\" rel=\"noopener\">7-Eleven<\/a>, Seven &amp; I Holdings based in <a style=\"font-weight: bold;\" target=\"_self\" href=\"https:\/\/www.dailymail.co.uk\/news\/japan\/index.html\" id=\"mol-69770c20-889c-11ef-a692-d5f5205a77e9\" rel=\"noopener\">Japan<\/a>, announced on Thursday that the chain would be closing 444 &#8216;underperforming&#8217; stores across North America.\u00a0<\/p>\n<p class=\"mol-para-with-font\">Seven and I found as part of their earnings report that a variety of issues in changing consumer habits were resulting in the store closures.\u00a0<\/p>\n<p class=\"mol-para-with-font\">&#8216;Pullback in consumer spending has persisted beyond prior expectations,&#8217; the release said.\u00a0\u00a0<\/p>\n<div class=\"artSplitter mol-img-group\" style=\"\">\n<div class=\"mol-img\">\n<div class=\"image-wrap\"> <img decoding=\"async\" id=\"i-6a9cd31fef5e7095\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2024\/10\/12\/14\/90772637-13952739-image-a-1_1728739677319.jpg\" height=\"423\" width=\"634\" alt=\"With more than 13,000 stores across the US, Canada and Mexico, the closures make up only 3 percent of their portfolio\" class=\"blkBorder img-share\" style=\"max-width:100%\" loading=\"lazy\" \/> <\/div>\n<p> <noscript> <img loading=\"lazy\" decoding=\"async\" id=\"i-6a9cd31fef5e7095\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2024\/10\/12\/14\/90772637-13952739-image-a-1_1728739677319.jpg\" height=\"423\" width=\"634\" alt=\"With more than 13,000 stores across the US, Canada and Mexico, the closures make up only 3 percent of their portfolio\" class=\"blkBorder img-share\" \/> <\/noscript> <\/div>\n<p class=\"imageCaption\">With more than 13,000 stores across the US, Canada and Mexico, the closures make up only 3 percent of their portfolio<\/p>\n<\/div>\n<div class=\"artSplitter mol-img-group\" style=\"\">\n<div class=\"mol-img\">\n<div class=\"image-wrap\"> <img decoding=\"async\" id=\"i-994a66a903655f98\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2024\/10\/12\/14\/90772633-13952739-image-a-3_1728739802190.jpg\" height=\"425\" width=\"634\" alt=\"The earnings report from 7-Eleven revealed that changing consumer habits had a significant influence on their store closures, driven largely by inflation\" class=\"blkBorder img-share\" style=\"max-width:100%\" loading=\"lazy\" \/> <\/div>\n<p> <noscript> <img loading=\"lazy\" decoding=\"async\" id=\"i-994a66a903655f98\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2024\/10\/12\/14\/90772633-13952739-image-a-3_1728739802190.jpg\" height=\"425\" width=\"634\" alt=\"The earnings report from 7-Eleven revealed that changing consumer habits had a significant influence on their store closures, driven largely by inflation\" class=\"blkBorder img-share\" \/> <\/noscript> <\/div>\n<p class=\"imageCaption\">The earnings report from 7-Eleven revealed that changing consumer habits had a significant influence on their store closures, driven largely by inflation\u00a0<\/p>\n<\/div>\n<p class=\"mol-para-with-font\">Their earnings report revealed that <a style=\"font-weight: bold;\" target=\"_self\" href=\"https:\/\/www.dailymail.co.uk\/news\/inflation\/index.html\" id=\"mol-696f1ce0-889c-11ef-a692-d5f5205a77e9\" rel=\"noopener\">inflation<\/a> was one of the major influences, stating that from 2019, rent, utilities, groceries and fuel had all risen more than 25 percent.\u00a0<\/p>\n<p class=\"mol-para-with-font\">In their earnings release, the company said: &#8216;The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment.&#8217;<\/p>\n<p class=\"mol-para-with-font\">&#8216;In this context, there was a more prudent approach to consumption, particularly among middle -and low-income earners,&#8217; they added.\u00a0<\/p>\n<p class=\"mol-para-with-font\">Consumer habits began focusing more on quality products for less, the company&#8217;s report found. Revealing that 69 percent of shoppers wanted more quality products and 60 percent focused on good value for money.\u00a0 \u00a0<\/p>\n<p class=\"mol-para-with-font\">Their report revealed that traffic in North American locations had fallen by 7.3 percent in August, after the company had experienced a consecutive six months of declining traffic.\u00a0<\/p>\n<p class=\"mol-para-with-font\">The company also noted the shift in cigarette sales which saw a 26 percent decrease in total packs sold, from 10,300 million in 2019 to 7,600 million in 2024.\u00a0<\/p>\n<p class=\"mol-para-with-font\">This decline was not saved by shoppers opting for different options, with only an 18 percent shift to other nicotine products, and more buyers switching to cheaper products.\u00a0<\/p>\n<div class=\"artSplitter mol-img-group\" style=\"\">\n<div class=\"mol-img\">\n<div class=\"image-wrap\"> <img decoding=\"async\" id=\"i-774a63a95f58eacb\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2024\/10\/12\/14\/90772631-13952739-image-a-4_1728739806339.jpg\" height=\"423\" width=\"634\" alt=\"The company's earnings report revealed that traffic in North American locations had fallen by 7.3 percent in August, after experiencing a consecutive six months of declining traffic\" class=\"blkBorder img-share\" style=\"max-width:100%\" loading=\"lazy\" \/> <\/div>\n<p> <noscript> <img loading=\"lazy\" decoding=\"async\" id=\"i-774a63a95f58eacb\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2024\/10\/12\/14\/90772631-13952739-image-a-4_1728739806339.jpg\" height=\"423\" width=\"634\" alt=\"The company's earnings report revealed that traffic in North American locations had fallen by 7.3 percent in August, after experiencing a consecutive six months of declining traffic\" class=\"blkBorder img-share\" \/> <\/noscript> <\/div>\n<p class=\"imageCaption\">The company&#8217;s earnings report revealed that traffic in North American locations had fallen by 7.3 percent in August, after experiencing a consecutive six months of declining traffic<\/p>\n<\/div>\n<p class=\"mol-para-with-font\">With more than 13,000 stores across the US, Canada and Mexico, the closures make up only 3 percent of their portfolio. The chain also has more than 21,000 stores located in Japan.\u00a0<\/p>\n<p class=\"mol-para-with-font\">A spokesperson for 7-Eleven told <a style=\"font-weight: bold;\" target=\"_self\" class=\"\" href=\"https:\/\/www.dailymail.co.uk\/ushome\/index.html\" rel=\"noopener\">Daily Mail<\/a>: &#8216;Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it.&#8217;<\/p>\n<p class=\"mol-para-with-font\">&#8216;As part of this, we made the decision to optimize a number of noncore assets that do not fit into our growth strategy,&#8217; they added, &#8216;At the same time, we continue to open stores in areas where customers are looking for more convenience.&#8217;\u00a0<\/p>\n<p class=\"mol-para-with-font\">The closures are also expected to deliver a $30 million operating income benefit this year, and a $110 million boost to annualized run rate, according to their earnings release.\u00a0\u00a0<\/p>\n<p class=\"mol-para-with-font\">The news of the hundreds of store closures come after Seven &amp; I cut their earnings forecast for their fiscal year ending February 2025.\u00a0<\/p>\n<p class=\"mol-para-with-font\">Which was also accompanied by the company&#8217;s plans to split into two businesses, Fast Company reported.\u00a0<\/p>\n<p class=\"mol-para-with-font\">Their separation and store closures are also an attempt to reassure unhappy investors and keep takeover bids at bay, according to Bloomberg.\u00a0<\/p>\n<p class=\"mol-para-with-font\">The company hopes to focus on the better performing locations that are experiencing higher demand.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.dailymail.co.uk\/news\/article-13952739\/7-Eleven-closing-400-location-America.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Popular convenience store chain, 7-Eleven, has announced the closure of over 400 stores across North America.\u00a0 The parent company to 7-Eleven, Seven &amp; I Holdings based in Japan, announced on &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=113497\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-113497","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/113497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=113497"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/113497\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=113497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=113497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=113497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}