(KTLA) – Hundreds of “underperforming” 7-Eleven stores across North America are closing, the convenience store announced Thursday.
Seven & I Holdings, 7-Eleven’s Japan-based parent company, revealed in its earnings report that 444 7-Eleven locations are closing. The company cited slow sales, declining traffic, inflationary pressures, and a decrease in cigarette purchases among the reasons why some stores are closing.
A specific list of stores slated for closure wasn’t released. 7-Eleven has 13,000 locations across the U.S. and Canada, meaning the closures would only impact 3% of the company’s portfolio.
The chain also has over 21,000 shops in Japan.
“The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment. In this context, there was a more prudent approach to consumption, particularly among middle- and low-income earners,” Seven & I said in an earnings release.
The chain also pointed out that cigarette sales, once the largest sales category for convenience stores, has fallen 26% since 2019. A shift in sales to other nicotine products hasn’t made much of a difference, they said.
Still, 7-Eleven said it will continue investing in food in the United States, which is now the highest-selling category and a top draw for customers.
In July, the convenience store chain announced it would also sell popular international food items, like milk bread egg sandwiches and miso ramen, in the U.S.