7-Eleven Off Times Square

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7-Eleven Off Times Square

NEW YORK -- 7-Eleven Inc., the world's largest traditional convenience store, spoke earlier this year about opening a flagship store in New York City's Time Square as the chain celebrated its 75th anniversary in the heart of the nation's financial capital.

But, the Dallas company confirmed that plans to move into 1 Times Square, which first surfaced in June, has been nixed, Reuters reported.

"There were a number of reasons why the deal did not work out," 7-Eleven spokeswoman Margaret Chabris said. "We just could not make the financials work out and we did not manage to reach a reasonable arrangement to move into Times Square."

Among other chains relocating to Times Square to boost their image are Toys R Us, which erected an outlet with a Ferris wheel, and trendy shoemaker Sketchers U.S.A. Inc. has begun work on a flagship outlet in the sought-after district.

7-Eleven operates 5,800 convenience stores in North America.