Parent company to the U.S. 7-Eleven chain of convenience stores, Seven & I Holdings, based here, will invest approximately 300 billion yen ($2.4 billion U.S.) in the next four years to open 1,000 convenience stores in the U.S. and revamp 6,050 existing outlets there, The Nikkei, a daily Japanese newspaper, reported.
The Japanese company, which turned the U.S. chain into a wholly-owned subsidiary in 2005, has not been vigorously investing in its U.S. stores since it purchased them, as it was focused on improving the unit’s internal organization and systems, a Tokyo-based spokesman told Reuters.
Under the new expansion plan, which lasts through December 2010, Seven & I aims to lift product sales — excluding gasoline — by 15 percent from the 2006 level to 1.2 trillion yen, reported Nikkei.
In addition, U.S. 7-Eleven Inc. will add 175 stores and close 50 locations this fiscal year, ending in December. By the close of 2010, new stores will open in the Northeast — including New York State — California and Florida and large metro areas such as Chicago and Washington D.C.
FranchiseBrief.com on June 29th, 2007 at 4:44 pm
I guess I learned something today. I didn’t know 7-eleven was actually owned by a Japanese company.