Latest news with #Seven&iHoldings'
Nikkei Asia
30-04-2025
- Business
- Nikkei Asia
7-Eleven parent's leadership picks backed by US proxy adviser
TOKYO -- U.S. proxy adviser Institutional Shareholder Service has endorsed Seven & i Holdings' new leadership appointments, including Stephen Hayes Dacus as CEO and Vice President Junro Ito as chairman. With no competing proposals ahead of the 7-Eleven parent's general shareholders meeting in late May, the ISS endorsement is seen as a boost for the leadership team, which seeks to keep the company independent in the face of a buyout proposal by Canadian retailer Alimentation Couche-Tard.
Business Times
25-04-2025
- Business
- Business Times
Seven & i's new CEO aims aggressive investments in US stores
[TOKYO] Seven & i Holdings' new chief executive officer plans to boost investments in its US stores using cash from a planned listing of its American retail operations. 'The initial public offering gives us the financial flexibility to invest a bit more aggressively in our stores,' Stephen Dacus, who was named to the leadership position last month, said on Friday (Apr 25). The Japanese operator of 7-Eleven convenience stores is in the middle of a restructuring to boost growth and shareholder value after years of weak investor returns made it the target of activist shareholders, as well as Canada's Alimentation Couche-Tard, which proposed to buy the company last year. The overhaul includes a plan to list the US stores business next year, besides revamping its board, selling under-performing superstore business, divesting its banking unit, and undertaking about two trillion yen (S$18 billion) worth share buyback to 2030. The company has about 1,000 stores with quick service restaurants in the US that outperform normal stores by quite a lot in terms of sales and profit, Dacus said. 'We would like to expand that as rapidly as we can,' he said, specifying that there are another 1,200 stores that could add QSR. Seven & i operates more than 13,000 convenience stores in North America, making it larger than its next three competitors – Couche-Tard, Casey's General Stores and Murphy USA, combined. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Despite the raft of measures to turn things around, the Japanese retailer's stock has remained under pressure after a management buyout effort designed to challenge Couche-Tard's offer failed. Seven & i is valued at roughly around 5.5 trillion yen, lower than Couche-Tard's 7.39 trillion yen offer. In addition to investing in its North America operations, Dacus is also looking to review the company's supply chain globally, especially at a time when consumers in the world's largest economy are becoming more conservative amid US President Donald Trump's tariffs on imports. 'We don't have a global supply strategy, even though we may have the same suppliers around the world for many things,' Dacus said. 'As a consequence, we are missing an opportunity.' The shift in consumer behaviour reinforces the need for the company to move with speed and discipline to deliver greater value to customers, Dacus added. There's a need to 'squeeze your costs really tightly,' he said. 'You need to do everything you can to make your customers happy.' BLOOMBERG
Yahoo
16-04-2025
- Business
- Yahoo
7-Eleven to open 1,300 new stores through 2030
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. 7-Eleven plans to open 1,300 new stores in North America through 2030, according to its parent company Seven & i Holdings' fiscal fourth quarter earnings presentation last week. The retailer also expects to roughly double the number of stores with QSRs from 1,080 to 2,100, incoming CEO Stephen Dacus said during the fiscal Q4 earnings call. These growth and network improvement plans come as Seven & i is preparing to spin off 7-Eleven's North American c-store business into its own public entity in the second half of 2026. 7-Eleven's plan to open 1,300 new stores through 2030 comes about six months after sharing that it would open 600 stores over four years, including 500 between 2025 and 2027. The 2030 target shows that 7-Eleven intends to ramp up annual store openings, and it has already increased the number of store openings planned for the next three years from 500 to 550. The 1,300 goal would represent about 10% of the 12,963 stores 7-Eleven had in North America in February. It's also more stores than all but four of its c-store competitors have in their entire networks, according to the NACS top 100. It's unclear if this will increase 7-Eleven's overall store count, since the company also plans to close some underperforming stores. 7-Eleven closed more locations than it opened in fiscal 2024 and expects to do the same in fiscal 2025, according to the company's 2024 summary. The majority of these 1,300 sites will use the new standard design, said 7-Eleven President Stan Reynolds in the call. These locations offer a larger product assortment and expanded food and beverage offerings compared to traditional 7-Eleven stores. 'These food-forward stores are resonating with our customers and driving [average sales per store day] about 18% higher than our system average,' said Reynolds. 'We'll continue learning from these stores and refine our new store standard to meet the needs of consumers both now and in the future.' Alongside these new locations come plans to roughly double the number of QSRs in 7-Eleven's stores. The retailer's QSR network includes Raise the Roost Chicken & Biscuits, Laredo Taco Company and Speedy Café. At the end of 2024, 7-Eleven had 1,080 stores with QSRs. While it expects to open 50 more in 2025, that pace will need to ramp up considerably between 2026 and 2030 to reach 2,100. 7-Eleven did not respond by press time when asked if all of the new QSRs will be in newly built stores. As 7-Eleven begins to gear up for its upcoming initial public offering, these changes should give a boost to the bottom line. Stores using the new standard design are expected to see 45% higher average sales per store day once the sites are mature, with fresh food and private label goods sales expected to more than double and proprietary beverages growing more than 60%, according to the earnings presentation. On the restaurant side, stores with QSRs see an average of 57% more traffic and 36% higher average sales per store day. Recommended Reading 7-Eleven to open over 600 stores under new design by 2027
Wall Street Journal
04-03-2025
- Business
- Wall Street Journal
Founding Family of 7-Eleven Chain Says Buyout Proposal Scrapped
TOKYO—Seven & i Holdings' 3382 -6.88%decrease; red down pointing triangle founding family said it decided to pull its proposal to privatize the Japanese owner of the 7-Eleven convenience-store chain as it found it difficult to secure enough financing in a short time. 'Given that Seven & i is in a situation where it is required to make swift management decisions and implement them to respond to the environment surrounding the company and the challenges it faces, the founding family has decided to withdraw the proposal to take the company private,' Junro Ito, a top Seven & i executive and son of the founder of the Japanese retail giant, and Ito-Kogyo, the family's asset-management company, said in a statement.
