MJP –
If you had to guess who the world’s largest retailer is, you might think Walmart or Target. However, those would be wrong answers.
The world’s largest retailer by far is 7-Eleven, with over 84,000 stores in 19 countries worldwide.
Now, a new report shows that they will be closing at least 444 stores worldwide in places such as the United States, Mexico, and Canada.
While that number may seem small, it actually represents 5% of the total locations throughout the globe, and it is generally a small number overall in the bigger picture.
That being said, states like California, Utah, and Nevada might be at the biggest risk of losing retail spaces because those are the places that have the most heavy concentration of locations in the United States.
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California itself boasts more than 1,900 unique locations, which is more than 20% of the country’s total.
Declining sales and inflation seem to be the main reasons for the pruning of 7-Eleven retail spaces.
Cigarette sales used to hold the top spot for purchases within convenience stores, but Seven & I Holdings, the parent company of 7-Eleven, has noted a 26% drop in that category since 2019.
In the end, all companies go through periods of restructuring in some form, and this move is being done to ensure long-term profitability. It only remains to be seen where the bulk of cuts will occur.
