Seven & I Holdings Co., the worlds biggest convenience store operator is declaring appetite for more acquisitions in the US. The store chain is supposed to double its number of stores. The retailer may take its store count to 20 000 or 30 000 in the North American markets, the companys CEO told Bloomberg in an interview.
Toshifumi Suzuki added that company is planning to increase its operational quality and intends to open stores in places there arent any. Right now the company owns 8000 stores on the continent and is planning to open 10 000 the next year. Last year company acquired around 662 new stores clearly stating its intentions of growing fast.
The retailer US based unit would, according to estimates, have sales of $17.9 billion till the end of the year which represents 44% increase from last year. The profit could experience a further increase of 13% according to the company. Some critical consumer indicators like consumer confidence index have made US market a favorable soil for the foreign investors. The index has improved by 7.2 points in May giving even more confidence of expansion plans helped by US economys “tailwind”.
The expansion plans of Seven Eleven stores are not just US limited. The company is planning a vast invasion of stores all over China, Thailand, Vietnam and other fast growing overseas markets according to Bloomberg.
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