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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Closing

Closing

Scheduled Pinned Locked Moved General Discussion
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  • JollyJ Offline
    JollyJ Offline
    Jolly
    wrote on last edited by
    #1

    From The Epoch Times:

    Convenience store chain 7-Eleven will close hundreds of stores as the company faces declining sales at its U.S. stores.

    7-Eleven operates more than 13,000 stores across the United States and Canada. The company plans to shut down 444 “underperforming stores” as part of improving efficiency and managing cost, according to an Oct. 10 financial forecast presentation from the firm. The closures represent more than 3 percent of the company’s U.S. and Canadian stores. This is expected to generate approximately $30 million in operating income benefit for the retail chain this year.

    7-Eleven is looking to boost capital efficiency and ensure sustained business growth in North America given the “tough consumer spending environment, particularly among lower-and middle-income earners,” it said in an Oct. 10 statement.

    Challenging employment conditions, high interest rates, and inflationary pressures have led to a decline in labor incomes, according to the company.

    The firm credited the robustness of the North American economy to consumption by high-income earners, noting that middle- and lower-income groups have taken a “more prudent approach” in this regard.

    “In the six months ended August 31, 2024, merchandise sales at existing stores in the U.S. decreased year-on-year in U.S. dollars,” it stated, noting that traffic also declined.

    7-Eleven attributed this to several factors, including a large portion of Americans living paycheck to paycheck, the reduction in Supplemental Nutrition Assistance Program (SNAP) benefits, the growth of online retail sales, and a cyber outage incident that affected operations.

    The firm specifically highlighted declining tobacco use as a contributing factor affecting traffic and sales. Tobacco use has fallen by 26 percent compared to 2019, the company stated.

    Cigarettes made up 21.5 percent of total convenience store sales in 2023. Circle K and 7-Eleven are the two top convenience store chains by store count, meaning that they likely already each capture the largest shares of U.S. tobacco sales, according to Don Burke, senior vice president at Management Science Associates, a market research firm.

    The market for U.S. cigarette smokers is declining after decades of warnings about health risks. Convenience stores have long dominated tobacco sales, accounting for about 70 percent of purchases.

    The planned closure of 444 stores is part of several steps being taken to ensure the long-term success of 7-Eleven outlets, according to the company. Other measures include growing proprietary foods, accelerating digital sales, and growing and enhancing store networks.

    The retail chain reduced its estimate for total store sales in the second half of 2024. The company predicted that it will “return to growth in 2025 and beyond.”

    7-Eleven is owned by Japan-based Seven & i Holdings, which has multiple other brands under it.

    7-Eleven stated that it plans on setting up “a store network of 50,000 stores in areas outside Japan and North America by the fiscal year ending December 31, 2025, and to extend our presence to 30 countries and regions including Japan and North America by the fiscal year ending December 31, 2030.”

    Buyout Attempts
    In August, Seven & i Holdings revealed that it received a buyout offer from Canada-based convenience store operator Alimentation Couche-Tard (ACT). In September, the firm announced that it rejected the offer.

    According to Seven & i Holdings, Couche-Tard proposed a $14.86-per-share cash deal, which it stated “grossly” undervalued the firm. The Japanese company determined that the transaction was not in the best interests of shareholders.

    Even if the Canadian store chain were to raise the proposed buyout value “very significantly,” the possibility of the deal getting through remains uncertain, Seven & i Holdings stated.

    Stephen Dacus, chair of Seven & i’s board, wrote a letter to Couche-Tard, clarifying that the Japanese firm remains open to any offer that recognizes their “standalone intrinsic value.”

    “However, we do not believe, for several critical reasons, that the proposal you have put forward provides a basis for us to engage in substantive discussions regarding a potential transaction,” he said.

    On Oct. 9, Seven & I Holdings stated that it received a revised, nonbinding buyout proposal from Couche-Tard.

    Seven & I Holdings “has maintained, and intends to continue to maintain, the confidentiality of its current discussions with ACT at this time.”

    “The Company will continue to act in the best interest of its shareholders and other stakeholders of the Company,” it stated.

    The Japanese firm announced recently that it plans to establish an intermediate holding company that will watch over its supermarket food business, specialty stores, and other businesses, collectively referred to as the SST Business Group. A total of 31 companies will be brought under the group.

    “Cry havoc and let slip the DOGE of war!”

    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

    1 Reply Last reply
    • 89th8 Online
      89th8 Online
      89th
      wrote on last edited by
      #2

      Growing up in Virginia I thought 7-11s were nationwide since they're so ubiquitous in the mid-Atlantic. Now in Minnesota, I'm just glad I found a gas station (Speedway) that I guess is a 7-11 partner since they have slurpees.

      image.png

      taiwan_girlT 1 Reply Last reply
      • George KG Offline
        George KG Offline
        George K
        wrote on last edited by
        #3

        Related:

        https://www.nbcnews.com/business/business-news/walgreens-close-1200-stores-three-years-rcna175451

        Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.

        The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.

        Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a "turnaround" that would "take time."

        "We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.

        In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.

        Bidenomics, FTW!

        "Now look here, you Baltic gas passer... " - Mik, 6/14/08

        The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

        ? 1 Reply Last reply
        • HoraceH Online
          HoraceH Online
          Horace
          wrote on last edited by
          #4

          Kamalanomics rolls off the tongue well.

          Education is extremely important.

          1 Reply Last reply
          • MikM Offline
            MikM Offline
            Mik
            wrote on last edited by
            #5

            "Changing consumer behavior" I assume includes community level theft.

            89th, 7-11's used to be far more prevalent in Ohio. They're pretty much gone now.

            “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

            1 Reply Last reply
            • HoraceH Online
              HoraceH Online
              Horace
              wrote on last edited by
              #6

              Japanese 7-11s are legendary for their delicious prepared food. In america we get the chicken salad or egg salad triangle sandwiches, but in Japan the shelves are lined with culinary gold.

              Education is extremely important.

              1 Reply Last reply
              • X Offline
                X Offline
                xenon
                wrote on last edited by
                #7

                Agreed - 7-11 still sells 90s food.

                I dunno if they could have credibly shifted from a slurpee and rotating hot dog seller…. Still

                1 Reply Last reply
                • JollyJ Offline
                  JollyJ Offline
                  Jolly
                  wrote on last edited by
                  #8

                  CVS is in worse shape than Walgreen's...

                  “Cry havoc and let slip the DOGE of war!”

                  Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                  jon-nycJ 1 Reply Last reply
                  • MikM Offline
                    MikM Offline
                    Mik
                    wrote on last edited by
                    #9

                    Yeah, but Walgreen's is struggling. I get emails from them almost daily trying to get me to shop there. I never do. Just prescriptions and vaccines.

                    “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                    1 Reply Last reply
                    • 89th8 Online
                      89th8 Online
                      89th
                      wrote on last edited by
                      #10

                      I use Walgreens only for photos, and boy that would be a shame if that service ends. Photos prints are quality, cheap, and the app is very easy to use.

                      JollyJ 1 Reply Last reply
                      • George KG George K

                        Related:

                        https://www.nbcnews.com/business/business-news/walgreens-close-1200-stores-three-years-rcna175451

                        Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.

                        The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.

                        Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a "turnaround" that would "take time."

                        "We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.

                        In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.

                        Bidenomics, FTW!

                        ? Offline
                        ? Offline
                        A Former User
                        wrote on last edited by A Former User
                        #11

                        @George-K said in Closing:

                        Related:

                        https://www.nbcnews.com/business/business-news/walgreens-close-1200-stores-three-years-rcna175451

                        Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.

                        The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.

                        Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a "turnaround" that would "take time."

                        "We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.

                        In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.

                        Bidenomics, FTW!

                        Unsustainable business model.

                        I'm surprised it took this long. They've saturated the area with stores - there's one on every corner (I can think of six within a ten minute drive of my house) and they're way more expensive than the competition. Customer service is lousy; it's almost impossible to find someone to help you.

                        Recent example..Mr wtg had knee replacement surgery and I was looking for some Mederma scar gel. Checked four stores.

                        Target - $16.89
                        Walmart - $18.12
                        Mariano's (local Kroger grocery located next door to Walgreens) - $21.99
                        Walgreens - $24.99

                        Found this to be the case all during COVID when I was looking for OTC meds, etc.

                        89th8 1 Reply Last reply
                        • ? A Former User

                          @George-K said in Closing:

                          Related:

                          https://www.nbcnews.com/business/business-news/walgreens-close-1200-stores-three-years-rcna175451

                          Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.

                          The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.

                          Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street's expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a "turnaround" that would "take time."

                          "We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.

                          In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.

                          Bidenomics, FTW!

                          Unsustainable business model.

                          I'm surprised it took this long. They've saturated the area with stores - there's one on every corner (I can think of six within a ten minute drive of my house) and they're way more expensive than the competition. Customer service is lousy; it's almost impossible to find someone to help you.

                          Recent example..Mr wtg had knee replacement surgery and I was looking for some Mederma scar gel. Checked four stores.

                          Target - $16.89
                          Walmart - $18.12
                          Mariano's (local Kroger grocery located next door to Walgreens) - $21.99
                          Walgreens - $24.99

                          Found this to be the case all during COVID when I was looking for OTC meds, etc.

                          89th8 Online
                          89th8 Online
                          89th
                          wrote on last edited by
                          #12

                          @wtg said in Closing:

                          and they're way more expensive than the competition. Customer service is lousy; it's almost impossible to find someone to help you.

                          Yeah good points. It's like they cut costs by having minimal staff (it always seems like there's one employee there) and all the products cost much more than competition, I had the same experience as you when I was trying to find a shoe insert... $15 most places, $24 at Walgreens. It is a tough business model... then again, they often have medical/care related goods that you can't find in most big box stores. I'm hoping the one near me doesn't close.

                          1 Reply Last reply
                          • Doctor PhibesD Offline
                            Doctor PhibesD Offline
                            Doctor Phibes
                            wrote on last edited by Doctor Phibes
                            #13

                            I can't remember the last time I went in any of these stores. We get prescriptions from Stop & Shop who are way better than either CVS or Walgreens. There's a small local privately owned corner shop I use if we want something from around the corner.

                            I was only joking

                            1 Reply Last reply
                            • George KG Offline
                              George KG Offline
                              George K
                              wrote on last edited by
                              #14

                              Near where I live, I can't swing a dead cat by the tail without hitting at least 3-4 Walgreens.

                              "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                              The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                              1 Reply Last reply
                              • 89th8 89th

                                I use Walgreens only for photos, and boy that would be a shame if that service ends. Photos prints are quality, cheap, and the app is very easy to use.

                                JollyJ Offline
                                JollyJ Offline
                                Jolly
                                wrote on last edited by
                                #15

                                @89th said in Closing:

                                I use Walgreens only for photos, and boy that would be a shame if that service ends. Photos prints are quality, cheap, and the app is very easy to use.

                                I think Consumers Report rated them #1 among the chains for photo finishing.

                                I use them and have been pleased...

                                “Cry havoc and let slip the DOGE of war!”

                                Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                1 Reply Last reply
                                • JollyJ Jolly

                                  CVS is in worse shape than Walgreen's...

                                  jon-nycJ Offline
                                  jon-nycJ Offline
                                  jon-nyc
                                  wrote on last edited by
                                  #16

                                  @Jolly said in Closing:

                                  CVS is in worse shape than Walgreen's...

                                  Is it really? I knew Walgreens was going to close a bunch of stores. I hadn’t heard about CVS.

                                  Only non-witches get due process.

                                  • Cotton Mather, Salem Massachusetts, 1692
                                  JollyJ 1 Reply Last reply
                                  • jon-nycJ jon-nyc

                                    @Jolly said in Closing:

                                    CVS is in worse shape than Walgreen's...

                                    Is it really? I knew Walgreens was going to close a bunch of stores. I hadn’t heard about CVS.

                                    JollyJ Offline
                                    JollyJ Offline
                                    Jolly
                                    wrote on last edited by
                                    #17

                                    @jon-nyc said in Closing:

                                    @Jolly said in Closing:

                                    CVS is in worse shape than Walgreen's...

                                    Is it really? I knew Walgreens was going to close a bunch of stores. I hadn’t heard about CVS.

                                    Talking about breaking it up...

                                    https://www.google.com/amp/s/www.cnbc.com/amp/2024/10/04/cvs-is-considering-a-break-up-heres-why-that-could-be-risky.html

                                    “Cry havoc and let slip the DOGE of war!”

                                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                    1 Reply Last reply
                                    • jon-nycJ Offline
                                      jon-nycJ Offline
                                      jon-nyc
                                      wrote on last edited by
                                      #18

                                      They were really focused on inter-divisional synergies when I talked to them a year ago. It’s a way for them to justify all the M&A by showing the whole is greater than the sum of its parts.

                                      We brought them an idea of using the retail pharmacy to boost their speciality pharmacy business. Basically use info from the retail side to find people with AATD, each of which could potentially bring 150k annually in top line revenue for CVS specialty.

                                      In the end their lawyers killed the idea because the in-home test we were proposing had big pharma branding.

                                      Only non-witches get due process.

                                      • Cotton Mather, Salem Massachusetts, 1692
                                      1 Reply Last reply
                                      • JollyJ Offline
                                        JollyJ Offline
                                        Jolly
                                        wrote on last edited by
                                        #19

                                        Sad.

                                        “Cry havoc and let slip the DOGE of war!”

                                        Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                        1 Reply Last reply
                                        • 89th8 89th

                                          Growing up in Virginia I thought 7-11s were nationwide since they're so ubiquitous in the mid-Atlantic. Now in Minnesota, I'm just glad I found a gas station (Speedway) that I guess is a 7-11 partner since they have slurpees.

                                          image.png

                                          taiwan_girlT Offline
                                          taiwan_girlT Offline
                                          taiwan_girl
                                          wrote on last edited by
                                          #20

                                          @89th said in Closing:

                                          Growing up in Virginia I thought 7-11s were nationwide since they're so ubiquitous in the mid-Atlantic.

                                          In Taiwan, there are so so many also. More than 5000 in a country that is not too much bigger than Vermont. But 7-11 Taiwan has the best steamed buns (and tea eggs)!

                                          (Japan has over 21,000 7-11's)

                                          AxtremusA 1 Reply Last reply
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