Seven & I Holdings to Open 500 New U.S. Stores This Fiscal Year

TOKYO, JAPAN – Seven & I Holdings Co. said it will open 500 new U.S. stores during the current fiscal year. The company, headquartered here, is known in the United States for its 7-Eleven stores. The c-store retailer opened 300 stores during its last fiscal year.

The company in March bought a chain of convenience stores operated by U.S. oil giant Exxon Mobil Corp., and is currently in the process of closing a deal with Wilson Farms, which runs about 200 stores in the state of New York, the Nikkei Business Daily reported.

Seven & I Holdings also has set forth a goal to double its overseas operating profits by 2014, compared to fiscal 2010. The chain’s overseas operating profits grew to $415.1 million in fiscal 2010. The company hopes that number will exceed $800 million by fiscal 2014.

Seven & I currently has 27,000 stores outside of Japan. Overseas store growth has outpaced its domestic store growth more than fourfold.