The Popular Convenience Store That's Closed More Than 400 Stores In The Last Year

In the last year, there has been an incredible amount of company bankruptcy announcements and store closures. From a major gaming retailer shutting down hundreds of stores to a popular department store facing closures in 2025, it seems no one is safe. Case in point, perhaps one of the most well-known convenience store chains in the world, 7-Eleven, has started the process of shuttering 444 stores across Canada and the U.S. 

In October 2024, 7-Eleven's parent company, Seven & i Holdings Co. Ltd., issued a statement to TODAY.com about 7-Eleven's need to make changes after regular auditing. Aside from declaring the need to optimize the company's growth strategy, — which presumably did not include the over 400 convenience stores planned for closure — there were also other more practical reasons for the company's pivot. From inflationary pressures to sales to shifting consumer appetites, it's clear 7-Eleven has a lot on its plate.

In a 2024 earnings call, 7-Eleven President and CEO, Joe DePinto, pointed to a few reasons for the company's struggles. For starters, he addressed the inflationary elephant in the room by noting that sales were being "driven by macroeconomic conditions and evolving industry trends." With inflationary pressures related to the war in Ukraine, and the after effects of COVID-19  driving up the cost of gas, 7-Eleven experienced a significant loss of gross profits from gas sales. This similarly led to the demise of another convenience store chain earlier in the year.

In addition, while cigarettes were once a big seller for 7-Eleven, in 2019 hat changed. In fact, the company has experienced a 16% decline in cigarettes sales since 2019. This reduction was largely driven by growing consumer interest in newer nicotine products like Zyn. Plus, according to the U.S. Centers for Disease Control and Prevention (CDC), this decline could also have been driven by health consciousness. A 2022 CDC survey found that close to 68% of American adults who smoked said they had a desire to quit, with just over 53% reporting having attempted to quit. While this is good news for public health it's bad news for 7-Eleven. 

While the sale of almost 450 stores might seems bleak, it should be noted that the stores being closed were found to be underperforming. It's also worth mentioning that their sale will represent an extra $750 million in cash that 7-Eleven can now deploy in more meaningful ways. This will allow to company to pivot with its remaining locations. 

As the company contends with shifting consumer preferences, especially when it comes to food, they have already rolled out new offerings. For example, in 2024 7-Eleven announced the roll-out of fresher food options to meet modern consumer tastes. This includes products like baked goods, to-go meals, espresso drinks, and even Japanese menu items like rice balls and teriyaki chicken bowls. The company has also had a shift in leadership, with a new CEO taking over in March 2025, and the pursuit of an IPO to be listed in the latter half of 2026.