Japan’s 7-Eleven convenience chain targets aggressive global growth
8:33 pm Wednesday, April 24th, 2024
TOKYO (Reuters) – Japanese retail giant Seven & i Holdings said on Tuesday it wanted to see huge growth for its 7-Eleven convenience store chain globally, and would be accelerating its entry into Europe, Latin America, the Middle East and Africa.
It is aiming to boost the global number of 7-Eleven stores 18% to about 100,000 by 2030 and for the chain to be in 30 countries and regions, up from 20 now.
The plan is part of a large-scale restructuring that involves selling off lower-performing supermarket assets – a strategy pursued after pressure from activist investors.
Since last year, the company has announced the closure of dozens of Ito-Yokado supermarkets, exited its apparel business, and completed the sale of its Sogo & Seibu department store unit. It also agreed to spend more than $2 billion to scoop up convenience stores in Australia and the United States.
7-Eleven North America chief Joseph Michael DePinto said the group will “continue to aggressively pursue opportunities” in mergers and acquisitions in the region.
ValueAct Capital, a U.S.-based investor that has harshly criticised the company’s asset allocation and tried to expel its president, last week praised the group’s restructuring plan, saying it would vote in favour of its board nominees.
(This story has been refiled to add the dropped first name of executive Joseph Michael DePinto in paragraph 5)
(Reporting by Rocky Swift; Editing by Edwina Gibbs)
