Major convenience store chain is closing hundreds of locations – but plans to open 600 more in concept redesign

A supermarket empire announced plans to open hundreds of new stores across the country in a dramatic overhaul of its business plan.

Popular supermarket chain 7-Eleven aims to open more than 600 food and beverage-focused U.S. locations, according to an investor presentation from parent company Seven & i Holdings.

7-Eleven CEO Joseph DePinto described them as “more contemporary facilities” with “a larger product range and a more extensive range of food and drinks’ than at other locations during the presentation.

The new locations will also offer a New Standard format, with expanded food options, digital offerings and more fuel pumps.

The announcement of these new US locations, expected to open between 2025 and 2027, comes shortly after 7-Eleven revealed it would close 444 locations in North America due to inflation and a decline in cigarette demand.

Despite the closures, the supermarket chain found that its stores in which the New Standard has already been implemented have generated more sales than existing locations.

Experts also found that existing stores without the format averaged sales of about $5,500 in the first half of 2024.

They also found that 7-Eleven locations with the new format averaged $6,300 in sales each day – a 13 percent increase compared to existing stores.

If everything goes according to plan, 115 7-Eleven stores will be open by the end of this year, 125 in 2025, 175 in 2026 and 200 in 2027. So in total there are 615 locations with the New Standard formula.

‘In our Evolution stores, the feedback we received from our customers was quite simple. So we built these stores with the feelings of our customers in mind,” DePinto said in an interview investors call.

“We expect this new standard store sales to increase further by 30 percent over the full term, four years, to an average of $8,219 per shopping day.”

One of the 7-Eleven brands that has already played an integral role in the grocery chain’s growth is Laredo Taco Co.

7-Eleven acquired more than 200 Laredo Taco Co restaurants in the U.S. earlier this year and the food is expected to be part of the New Standard format.

Other restaurants the company is investing in include Speedy Café and Raise the Roost Chicken and Biscuits.

The new locations will also offer a New Standard format, with expanded food options, digital offerings and more fuel pumps.

7-Eleven acquired more than 200 Laredo Taco Co restaurants in the U.S. earlier this year

“The North American economy remained robust overall, driven by high-income consumption, despite persistent inflation, high interest rates and a deteriorating employment environment,” the company said in a report. income report.

“In this context, there was a more cautious approach to consumption, especially among middle and low income earners.”

The company explained its growth strategy as ‘[expanding] scaling the business globally by leveraging its strengths in nutrition.”

“7-Eleven’s current share of the foodservice market is relatively small overall across the category,” retail expert Neil Saunders of Global Data told DailyMail.com.

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7-Eleven previously announced it would close 444 locations in North America

‘It also focuses on more basic food and drinks. So it has a great opportunity for growth.’

The retail expert added that what customers are looking for these days is “better choice and higher quality products.”

‘The time when we only offered some dry hot dogs under a heat lamp no longer meets modern tastes. That is why 7-Eleven is developing a new formula with a broad range and a more luxurious selection of food service products,” Saunders wrote.

“Basically, it hopes to become more of a destination for both quick takeaways and more thoughtful dining. However, opening the stores is one thing. Changing perceptions is another thing, and that may take some time.”

The company explained its growth strategy as ‘[expanding] scaling business globally by leveraging strengths in nutrition’

7-Eleven currently has more than 13,000 locations in the United States and Canada and a presence in 47 of the top 50 markets.

“These 13,000 stores are within two miles of 51 percent of the U.S. population, allowing us to be where our customers are and providing us with an unparalleled last-mile distribution network,” DePinto said.

“And we’re not done yet, we still have a lot of room to grow.”