7-Eleven is set to close hundreds of its locations this year, a move linked to global economic pressures, including high inflation, soaring gas prices, and softening consumer spending, particularly among low-income households.
Convenience chain 7-Eleven expects to close hundreds of its locations this year, though the company has not yet specified which stores will be impacted or provided immediate reasons for the closures. The decision comes as consumers worldwide face strain from higher prices and stubborn inflation, which was exacerbated by the U.S. and Israel’s war against Iran, leading to rattled energy markets and soaring gas prices. The brand's North American operator, 7-Eleven Inc., oversees over 13,000 locations in the U.S. and Canada. Globally, its parent company, Seven & i, anticipates a 9.4% drop in revenue for the current fiscal year, projecting nearly 9.45 trillion yen (about $59.5 billion). While Seven-Eleven Japan expects to close 350 stores, it plans to open 550 new locations, suggesting that openings for Seven & i subsidiaries outside North America may outpace closures. The company has been actively seeking new growth opportunities under new CEO Stephen Hayes Dacus, including investing in fresh food offerings and expanding its '7NOW' delivery service, as part of a wider transformation plan.
