7-Eleven is closing more than 400 locations

Several hundred 'underperforming' 7-Eleven locations across North America are set to close, according to the convenience store chain. The parent company based in Japan announced the closure of 444 locations, attributing these actions to factors like declining sales, reduced customer traffic, inflation, and a drop in cigarette sales. This accounts for 3% of its North American stores. Traffic dropped 7.3% in August, marking the sixth consecutive month of declines. Cigarette sales, once a major category, have declined 26% since 2019. The closures are part of a strategy to optimize efficiency and profitability by shutting down locations with reduced foot traffic and increased competition from online and discount stores. Despite the closures, 7-Eleven will continue investing in food offerings in the U.S. as they become the top-selling category. This move occurs concurrently with an ongoing takeover offer for the company.