7-Eleven Closing 400+ Stores; Future Of NJ Locations Unclear
NEW JERSEY — The parent company of 7-Eleven announced its plans last week to close more than 400 stores in North America.With more than 84,000 stores in 19 countries, the convenience store chain is the largest worldwide. There are 9,000 7-Eleven stores in the United States alone, and about 346 in New Jersey. The 444 stores set to close are all underperforming, according to an earnings report released Thursday by Seven & i Holdings Co., the Japanese company that owns the massive chain of convenience stores. Specific locations for the stores slated for closure have not yet been announced. Patch has reached out to 7-Eleven for more specific information about any impacts in New Jersey. Some reasons that the company cited for poor performance at some stores included an "accelerated decline" in cigarette sales, a 16 percent growth in delivery due to online sales, and higher prices from inflation that put pressure on consumer finances. "Pullback in consumer spending has persisted beyond prior expectations," according to Seven & i Holdings' financial results ending Aug. 31. "Store traffic and sales growth (were) impacted as consumers consolidate trips and reduce shopping occasions."Regional tobacco flavor bans have also affected sales of other nicotine products, the parent company said, and cigarette sales have fallen 26 percent since 2019. Seven & i Holdings also said that 62 percent of consumers live paycheck to paycheck, and another 34 percent saw reductions in government-provided food benefits. The company estimates they will save $30 million by closing these stores, and will focus on the food products 7-Eleven offers as they re-tool their plan for the rest of 2024 and beyond. Patch's Maggie Fusek contributed to this report.The article 7-Eleven Closing 400+ Stores; Future Of NJ Locations Unclear appeared first on Across New Jersey, NJ Patch.
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