Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Business and Economic News
Emma Bowman, NPR

7-Eleven to close over 400 stores in North America

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!
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.
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.
Angela Weiss/AFP via Getty Images

Several hundred 7-Eleven stores across North America are closing, the convenience store chain announced.

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.

The closures amount to 3% of the chain's total of more than 13,000 stores in the U.S. and Canada.

Seven & I saw a 7.3% decline in traffic in August, following months of declines, and noted that low-income consumers are taking a “more prudent approach to consumption” due to inflation, high interest rates and what it called a “deteriorating” job climate.

Cigarette sales are down 26% since 2019 — an 80-year low — according to the company, as customers seek alternative nicotine products such as Zyn.

Meanwhile, 7-Eleven said it plans to expand its fresh food and specialty beverage options, as people facing rising inflation seek affordable meal options.

“Affordable, high quality foods are becoming more important,” Joe DePinto, the CEO and president of 7-Eleven, said in the earnings call.

Competitors known for having loyal fans of their food offerings have earned higher marks from consumers. Out of all U.S. convenience stores, East Coast-based chains Wawa and Sheetz ranked high in customer satisfaction, according to a recent survey by the American Customer Satisfaction Index, while 7-Eleven scored below the industry average.

7-Eleven said it's shifting focus to invest in its higher-demand locations.

"Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it,” 7-Eleven said in a statement shared with multiple outlets. “At the same time, we continue to open stores in areas where customers are looking for more convenience."

The news of the closures come amid a bid from Canadian company Alimentation Couche-Tard, owner of Circle-K, to buy the 7-Eleven parent company. Such a takeover would make Couche-Tard the biggest convenience store company in the world.

Copyright 2024, NPR