Published: 15:37, April 23, 2024
Japan's 7-Eleven convenience chain targets aggressive global growth
By Reuters
This photo taken on Oct 4, 2022 shows customers walking out of a 7-Eleven convenience store in Tokyo. (PHOTO / AFP)

TOKYO — 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 percent to about 100,000 by 2030 and for the chain to be in 30 countries and regions, up from 20 now.

7-Eleven North America chief Michael DePinto said the group will "continue to aggressively pursue opportunities" in mergers and acquisitions in the region

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.

READ MORE: 7-Eleven spin-off would jeopardize growth, CEO says

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 Michael DePinto said the group will "continue to aggressively pursue opportunities" in mergers and acquisitions in the region.

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ValueAct Capital, a US-based investor that has harshly criticized the company's asset allocation and tried to expel its president, last week praised the group's restructuring plan, saying it would vote in favor of its board nominees.