7-Eleven announced it will be close more than 400 stores in the fourth quarter of this year.
Transcript:
Conway Gittens: Investors did some modest buying ahead of an earnings deluge from a number of marquee names. The Dow and the S&P 500 settled at new record highs on Monday. United Airlines, United Health, Johnson and Johnson, Bank of America, Goldman Sachs, Charles Schwab, and Citigroup are some of the companies due to report on Tuesday.
Turning to other headlines; If you’re the type of person who has a late-night snack attack and you’re used to running down to the 7-Eleven – you soon might be out of luck.
The popular convenience store chain is shutting 444 locations across North America. 7-Eleven is getting hit on a number of fronts including falling traffic, slower sales, sticky inflation, and even a drop in cigarette purchases. All are hurting the company’s bottom line. Here’s something you may not know – cigarettes used to be the biggest seller at 7-Eleven and other convenience stores. Nicotine sales, however, have plunged 26 percent from pre-pandemic days.
With food now the best selling category, 7-Eleven is investing in that part of the store. But it has a lot of catching up to do. Recent surveys show that it has fallen behind peers like Wawa and Sheetz when it comes to customer satisfaction on food.
Foot traffic has fallen for six months in a row through August. 7-Eleven’s Japanese parent Seven & I said when It comes to middle and low-income customers, it has noticed a “more prudent approach to consumption.”
7-Eleven has 13,000 locations spread across the U.S., Canada, and Mexico. No word yet on which of those will be shutting its doors.
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