Iconic retail chain quietly closing over 500 stores

Some retailers have made no effort, or have been given no choice, when it comes to talking about their store closures. 

Rite Aid, for example, has been winding down its entire operation with all its stores slated to close.

That has brought attention to rivals CVS and Walgreens, both of which are also closing hundreds of stores in 2025.

In other cases, chains have wavered on the amount of stores closing. Claire's, for example, was at risk of closing all of its locations, but found a buyer and now will only shutter about 300. At Home has also shared different numbers of stores that will close as it navigates Chapter 11 bankruptcy. 

7-Eleven, however, is so big that its decision to close over 500 stores hardly got noticed. That's partially because the company isn't publicly traded in the United States. And while it does release financial results, they're not covered nearly as much as they would be if the company traded on a U.S. exchange.

The chain has methodically thinned out its store count, and when it's finished, it will be roughly 550 stores smaller in the U.S.     

Key retailers & their store closure plans

• Macy’s: Closing 66 stores in 2025.
  • Overall plan to shutter about 150 stores by early 2027.
• CVS Health: Closed 900 stores between 2022-2024.
  • Plans to close 270 more in 2025.
• Walgreens Boots Alliance: Closing 333 stores in 2025.
  • Aimed at trimming underperforming locations.
• Party City: Closing 738 stores in 2025.
  • The chain is being liquidated in Chapter 11 bankruptcy
• 7-Eleven: Closed 444 stores in 2024.
  • Closing 148 more in 2025.
• Kohl’s: Closing 27 underperforming stores in 2025.
• Express: Closed 107-110 stores in the past year.

Source: Fast Company

What's happening with 7-Eleven?

7-Eleven has been transforming its U.S. business, which includes closing hundreds of locations.

"We will close underperforming stores in accordance with the Fundamental Store Optimization Program," CFO Yoshimichi Maruyama said during the second-quarter earnings call.

7-Eleven's reasons for closing U.S. stores

• Declining foot traffic: The company reported a 7.3% drop in store visits in August 2024, continuing a six-month downward trend. 
• Decreased cigarette sales: Cigarette purchases, once a significant revenue stream for convenience stores, have fallen by 26% since 2019. While alternative nicotine products like Zyn have gained popularity, they haven't compensated for the overall decline in tobacco sales.
• Shifting consumer preferences: There's a growing demand for affordable, high-quality food options. 7-Eleven is responding by expanding its fresh food and beverage offerings, aiming to meet changing customer expectations.

Source: Retail Insider

Basically, the chain has decided to cull its fleet of underperforming locations, while also remodeling hundreds of stores and building new model 7-Elevens. Many of these new stores include its Raise the Roost Chicken and Biscuits or its Laredo Taco concepts. 

“We plan to open 125 of these new stores in 2025, and we are ramping up and growing our pipeline with plans to open over 500 of these new stores by 2027,” said Joe DePinto, CEO of 7-Eleven during an investor call.

The new stores, he noted, are designed to meet changing consumer needs. 

"We built these stores with our customers’ sentiments in mind. Our new store standard, and these new-format stores, are performing better than our existing portfolio in both merchandise sales and traffic, delivering 13% higher same-store sales in the first year of opening. We’re projecting that at full maturity, four years, these New Standard-store sales will further increase by 30% to $8,219 average per store day."

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The 7-Eleven chain also has a secret weapon that can drive more consumers to its new stores.

"7-Eleven’s Free Slurpee Day drove a major increase in foot traffic this year, with visits increasing by 127.3% on July 11th, relative to a year-to-date (YTD) daily visit average," according to data from Placer.ai.

7-Eleven planned expansion

• 500 new stores in the U.S. and Canada by 2027
• 1,300 new stores in North America by 2030
• Focus on “New Standard” larger, food-centric convenience stores (over 600 of these by 2027)

Source: RetailTouchPoints

Related: Iconic retail chain has closed 80% of its stores