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A popular convenience store chain known for being open 24/7 is shutting down over 400 locations across the country. Seven & I Holdings said that 444 underperforming 7-Eleven locations across North America will be closing in the coming months.
The company made the announcement in its earnings report, citing changing consumer habits and high inflation as the reasons for the decision to shutter the stores. It noted a 7.3% decline in foot traffic in August, marking the sixth straight month of declines.
Seven & I Holdings also pointed to a 26% decline in cigarette sales since 2019. Cigarettes used to be one of the biggest sellers at 7-Eleven stores.
The company said that despite the setbacks, sales continue to be robust, adding that the closing stores make up just 3% of its 13,000 locations across the United States, Canada, and Mexico.
The company did provide a list of stores that will be closing.
"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," a spokesperson told Newsweek.