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

A convenience shop empire announced plans to unfastened hundreds of caller stores nationwide successful a melodramatic reshuffling of its business plan.

The celebrated convenience shop concatenation 7-Eleven is aiming to unfastened much than 600 nutrient and beverage-focused US locations, according to an investor position from its genitor institution Seven & one Holdings.

7-Eleven CEO Joseph DePinto described them arsenic 'more modern facilities' pinch 'a larger merchandise assortment and expanded nutrient and beverage offerings' than different locations during nan presentation.

The caller locations will besides connection what's called a New Standard format, which will characteristic expanded nutrient options, integer offerings and much substance pumps.

The announcement of these caller US locations expected to unfastened betwixt 2025 and 2027 comes soon aft 7-Eleven revealed it would close 444 locations in North America owed to ostentation and a alteration successful cigaret demand.

Despite nan closures, nan convenience shop concatenation recovered that its stores pinch nan New Standard already implemented person made much gross than existing locations.

Experts besides recovered that existing stores without nan format made astir $5,500 successful mean income for nan first half of 2024.

They besides discovered that 7-Eleven locations pinch nan caller format made $6,300 successful mean income each time - a 13 percent summation compared to its existing stores.

If each goes arsenic planned, 115 7-Eleven stores will beryllium unfastened by nan extremity of this year, 125 successful 2025, 175 successful 2026 and 200 successful 2027, making it a full of 615 locations pinch New Standard format.

'In our Evolution stores, nan feedback we received from our customers was beautiful straightforward. So, we built these stores pinch our customers' sentiments successful mind,' DePinto said successful an investor call.

'We're projecting that astatine afloat maturity, 4 years, that these caller standard-store income will further summation by 30 percent to $8,219 mean per shop day.'

One of nan 7-Eleven brands that has already played an integral domiciled successful nan convenience shop chain's maturation is Laredo Taco Co.

7-Eleven acquired much than 200 Laredo Taco Co restaurants earlier this twelvemonth successful nan US, and its nutrient is expected to beryllium portion of nan New Standard format.

Other restaurants nan institution is investing successful see Speedy Café and Raise nan Roost Chicken and Biscuits.

'The North American system remained robust wide acknowledgment to nan depletion of high-income earners, contempt a persistently inflationary, elevated liking complaint and deteriorating employment environment,' nan institution said successful an earnings report. 

'In this context, location was a much prudent attack to consumption, peculiarly among middle- and low-income earners.'

The institution explained its maturation strategy arsenic '[expanding] nan business standard globally by leveraging strengths successful food.'

'7-Eleven's existent stock of nan food-service marketplace is comparatively mini successful nan strategy of nan full category,' unit master Neil Saunders, from Global Data, told DailyMail.com.

'It is besides focused connected much basal nutrient and beverages. So, it has a large opportunity for growth.'

The unit master added that what customers look for coming is 'better prime and much elevated products.' 

'The days of conscionable offering immoderate barren basking dogs nether a power lamp are not going to trim it pinch modern tastes. That's why 7-Eleven is processing a caller format that has a wide scope and a much upscale action of foodservice products,' Saunders wrote.

'Basically, it is hoping to go much of a destination some for speedy pickups and much considered dining. However, opening nan stores is 1 thing. Changing perceptions is another, and this whitethorn return immoderate time.'

7-Eleven presently has much than 13,000 locations successful nan United States and Canada and is successful 47 of nan apical 50 markets.

'These 13,000 stores are wrong 2 miles of 51 percent of nan US population, allowing america to beryllium wherever our customers are and providing america pinch an unmatched last-mile distribution network,' DePinto said.

'And we are not done, we person a important magnitude of room to grow.'