The ubiquitous convenience store owed its recent revenue drops to inflation, declining cigarette sales and a shift in palates toward fresh food and specialty drinks.
People walk past a 7-Eleven convenience store in New York City on Wednesday. The company plans to shut down 444 stores across North America to recoup costs lost to inflation, a drop in store traffic and declining cigarette sales.
The company’s CEO reported in an earnings call on Thursday held by Tokyo-based parent company Seven & I Holdings that it’s shuttering 444 “underperforming” locations, citing inflation pressures, slowed traffic, a decline in cigarette sales and a shift in consumer appetites.AdvertisementSeven & I saw a 7.
“Affordable, high quality foods are becoming more important,” Joe DePinto, the CEO and president of 7-Eleven, said in the earnings call.
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