Several hundred “underperforming” 7-Eleven locations across North America are closing, the convenience store announced.
Seven & I Holdings, the chain’s Japan-based parent company, revealed in an earnings report Thursday that 444 locations of 7-Eleven are shutting down because of a variety of issues, including slowing sales, declining traffic, inflationary pressures and a decrease in cigarette purchases.
A specific list of closing locations wasn’t immediately released. The chain has more than 13,000 stores across the United States, Canada and Mexico, so the number of closures amounts to 3% of its portfolio.
In its earnings release, Seven & I said that while the North American economy is “robust overall,” it noticed a “more prudent approach to consumption” from middle- and low-income earners because of persistent inflation, high interest rates and a “deteriorating” employment environment.
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