Industry Roundup: The Top 10 Most-Read Stories of October 2024
NATIONAL REPORT — Interest in 7-Eleven Inc.'s future remained high in recent weeks, in addition to announcements of other acquisitions and divestments across the convenience store landscape. In the latest Industry Roundup, we present the top 10 most-read stories for the month of October, based on reader views:
1) 7-Eleven CEO Details Focus on Four Strategic Initiatives
Joe DePinto discussed four key growth pillars during parent company Seven & i Holdings Ltd.'s recent investor presentation: grow proprietary products; accelerate digital and delivery; improve efficiencies and cost leadership; and grow and enhance store network.
2) Seven & i Holdings Plans Business Breakup
7-Eleven's parent company plans to split into two businesses, with one focused solely on convenience and fuel retailing operations. The other will be a holding company consisting of 31 less profitable retail operations, such as the company's superstores business and others.
3) 7-Eleven Parent Company to Shutter 400-Plus Stores in North America
The "underperforming" stores were selected based on current strategic long-term plans, the company shared during its Oct. 10 earnings call. Executives noted that a pullback in consumer spending has persisted beyond its previous expectations, impacting both store traffic and sales growth.
4) Seven & i Investor Urges Due Diligence With Acquisition Bid
In an Oct. 15 letter, Artisan Partners stated that Seven & i's intention to split into two companies comes "too little, too late." The letter also stated that Seven & i should make public the names of members of the special committee created to evaluate Couche-Tard's offer.
5) Sheetz Breaks Ground on Third Distribution Center
The $169 million distribution facility will support the convenience store chain in Ohio and Michigan in the coming years. The facility is projected to open in 2026 and is slated to create approximately 700 new jobs over the next five years.
6) New Food & Beverage Products Stand Out at the 2024 NACS Show
With the 2024 NACS Show wrapped, NACS announced the top products that piqued the interest of show attendees in the Cool New Products Preview Room. The room was organized into products for facility operations; foodservice; fuel equipment and services; in-store merchandise; and technology.
7) Couche-Tard Executives Ramp Up Pursuit of 7-Eleven's Parent Company
Company leadership asserted that its proposed offer is a better deal than Seven & i's current breakup plan during a trip to Japan. The reported $47 billion offer provides certainty and would make it through both the financing process and antitrust regulatory hurdles in the United States, according to the executive team.
8) PHOTO GALLERY: The Spinx Co. Opens Doors to New Concept Store
The Spinx Co. held a grand opening for the Spinx Market & Eatery, a new concept from the convenience store operator. The store offers an elevated shopping experience that features local food and beverage partnerships.
9) Nouria Inks Acquisition Deal for Enmarket
The retailer signed a definitive agreement to acquire Enmarket from its parent company, Colonial Group. The acquisition marks a significant milestone in Nouria's strategic expansion, positioning the company to serve new markets, the chain said.
10) Delek US Wraps Up Sale of Retail Assets
The company officially exited retail operations selling 100% of equity interests in the Delek subsidiaries that operate its retail business, Delek US Retail, to a subsidiary of FEMSA. The deal, which was announced on Aug. 1, carried a $385 million price tag.