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Japan's 7-Eleven convenience chain targets aggressive global growth
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Japan's 7-Eleven convenience chain targets aggressive global growth
Apr 24, 2024 5:45 PM

TOKYO, April 23 (Reuters) - Japanese retail giant Seven

& i Holdings ( SVNDF ) said on Tuesday it wanted to see huge

growth for its 7-Eleven convenience store chain globally, and

would be accelerating its entry into Europe, Latin America, the

Middle East and Africa.

It is aiming to boost the global number of 7-Eleven stores

18% to about 100,000 by 2030 and for the chain to be in 30

countries and regions, up from 20 now.

The plan is part of a large-scale restructuring that

involves selling off lower-performing supermarket assets - a

strategy pursued after pressure from activist investors.

Since last year, the company has announced the closure of

dozens of Ito-Yokado supermarkets, exited its apparel business,

and completed the sale of its Sogo & Seibu department store

unit. It also agreed to spend more than $2 billion to scoop up

convenience stores in Australia and the United States.

7-Eleven North America chief Joseph Michael DePinto said the

group will "continue to aggressively pursue opportunities" in

mergers and acquisitions in the region.

ValueAct Capital, a U.S.-based investor that has harshly

criticised the company's asset allocation and tried to expel its

president, last week praised the group's restructuring plan,

saying it would vote in favour of its board nominees.

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