When changes in consumer habits occur, sometimes previously popular and thriving stores struggle to make the necessary adjustments to survive. For the popular convenience store 7-Eleven, that means switching their focus from cigarette sales to fresh food products, and closing hundreds of stores.
On October 11, 2024, 7-Eleven President and CEO Joe DePinto made several announcements about upcoming changes that are in the works. One big change is that the company plans to close 444 stores in North America, which includes locations in the U.S. and Canada. Another big change is a shift in focus on what they’re selling inside their stores.
TODAY reports that 7-Eleven sent them a statement explaining the reasoning for the store closures. The statement shares, “Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it. As part of this, we made the decision to optimize a number of non-core assets that do not fit into our growth strategy. At the same time, we continue to open stores in areas where customers are looking for more convenience.”
Previously, cigarettes were the most popular product that was sold at 7-Eleven stores, but DePinto shared that cigarette sales have dropped significantly in 2024. He said, “From January to June, we gradually improved sales each month… excluding cigarettes.”
Cigarette sales haven’t stayed the same either. They have actually dropped a whopping 26%. That’s great news for people who have decided to quit smoking, but it’s not great news for a store that used to rely on cigarette sales as a significant portion of all of their sales.
DePinto shared that food is now the most popular product sold at 7-Eleven. He said, “Food recently overtook cigarettes as the largest category at 7-Eleven Inc.” Now, 7-Eleven plans to double down on food sales and focus on what consumers are looking for today.
DePinto shared, “Growing our proprietary products is an important part of our future. This platform offers our customers a wider assortment of hot food and specialty beverages.”
Consumers can look forward to food and beverage options that include products baked in store, roller grills and a selection of espresso items like cappuccino, lattes, and iced coffee.
Watch the video below to learn more about 7-Eleven’s store closures.
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