7-Eleven will open 600+ New Standard stores in North America by 2027. This new format offers a broader food and beverage range and aims to strengthen the brand amid declining fuel profits and cigarette sales. The company also plans to close 444 underperforming locations to focus on profitable stores. Initial New Standard stores, which launched in Texas, have shown 11% returns on invested capital and outperformed previous store formats by 30% in sales. 7-Eleven is working to rebuild its financial base, with 115 stores to open by the end of 2024.
7-Eleven plans to launch over 600 New Standard stores across North America by 2027. CEO Joseph DePinto said these “contemporary facilities” will feature expanded food and drink options to meet changing customer demands. The prototype, launched in Allen, Texas, aims to refresh 7-Eleven’s brand by increasing in-store dining and foodservice options.
DePinto shared that New Standard stores are performing strongly, with an 11% return on invested capital. These stores have also exceeded the first-year sales of 7-Eleven's previous Evolution format by 30%. With popular options like made-to-order coffee and cold bars, the company is seeing positive responses from customers. "Our customers appreciate them, and the stores continue to improve," DePinto said.
As 7-Eleven invests in New Standard stores, it will close 444 underperforming locations across North America. This decision aligns with broader financial strategies to streamline operations amid challenges like price-sensitive consumers and lower-than-expected fuel and cigarette profits. The company recently cut its operating income forecast for 2024 by 28%, from $2.9B to $2.1B.
7-Eleven, which operates nearly 12,650 stores in the U.S., plans to open 115 New Standard locations by the end of 2024, adding 125 more in 2025, 175 in 2026, and 200 in 2027. The company’s goals are ambitious yet essential as it refines its retail approach. By prioritizing high-performing stores, 7-Eleven hopes to capture more food and beverage sales, adapting to new consumer trends in convenience retail.
Will 7-Eleven’s new food focus draw customers back?
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