Japan's Seven & I Aims to Expand U.S. Presence Through Acquisitions
JAPAN -- Seven & I Holdings, Japan's retail giant and owner of 7-Eleven in the United States, is aiming to expand 7-Eleven in the U.S. and may seek acquisitions, according to President Noritoshi Murata, who spoke at a briefing earlier today.
Specifically, the chain would like to add more than 600 stores in the U.S. during the new fiscal year, which began in March, said Murata.
Seven & I also reported an all-time high operating profit for the year ended February, and expects the current fiscal year to break more records, according to a report by The Wall Street Journal.
"The profitability of 7-Eleven convenience stores in Japan is growing," said Seven & i President Noritoshi Murata at a press conference.
The convenience store business segment in Japan saw an increased profit of 8.3 percent in the latest year, with its broader lines of food and other products appealing to a wider range of customers, the WSJ reported. These include food and other products sold using its own Seven Premium brand, which are designed to balance high quality with reasonable prices.
Additionally, the company opened a record 1,201 7-Eleven stores in Japan, and closed 428 stores during the last year, bringing the total number in Japan to 14,005 as of Feb. 29. In the year ahead, the company aims to open 1,350 new stores in Japan, which would mark another record number.