7-Eleven closes hundreds of stores: Strategic realignment despite retro charm

While the legendary retro signs of 7-Eleven remain memorable, the brand is undergoing a significant transformation. The parent company, Seven & i Holdings, plans to close 444 less profitable 7-Eleven locations in North America by the end of the year. This decision was revealed in a recent quarterly report from October 10. Interestingly, 7-Eleven is not the only traditional chain recently affected by store closures. The restaurant chain Red Lobster also had to close hundreds of locations and file for bankruptcy before an investment company took over the business. However, the loss of revenue for 7-Eleven seems to be less about free Slurpees and more about changing consumer habits. According to the report, key factors contributing to the revenue decline include the growing delivery service business and the fact that 62% of customers live paycheck to paycheck. Additionally, tobacco usage has decreased by 26% since 2019. Closing stores that do not fit the growth strategy is only part of Seven & i's comprehensive plan aimed at "long-term success." This includes increasing personalized products, accelerating digital initiatives and delivery services, expanding the store network, and improving efficiency and cost leadership. The group emphasizes that the portfolio streamlining aligns with the long-term growth strategy, and they continue to expand in regions where there is demand for more convenience.