7-Eleven to close 444 stores

The Street
The Street
  • 2 days ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why 7-Eleven is close more than 400 stores.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:05Investors did some modest buying ahead of an earnings deluge from a number of marquee
00:09names.
00:10The Dow and the S&P 500 settled at new record highs on Monday.
00:14United Airlines, UnitedHealth, Johnson & Johnson, Bank of America, Goldman Sachs, Charles Schwab
00:20and Citigroup are some of the companies due to report on Tuesday.
00:25Turning to other headlines, if you're the type of person who has a late night snack
00:29attack and you're used to running down to the 7-Eleven, you soon might be out of luck.
00:34The popular convenience store chain is shutting 444 locations across North America.
00:387-Eleven is getting hit on a number of fronts including falling traffic, slower sales, sticky
00:44inflation, and even a drop in cigarette purchases.
00:48All are hurting the company's bottom line.
00:50Here's something you may not know.
00:52Cigarettes used to be the biggest seller at 7-Eleven and other convenience stores.
00:57Nicotine sales, however, have plunged 26 percent from pre-pandemic days.
01:03With food now the best-selling category, 7-Eleven is investing in that part of the store, but
01:08it has a lot of catching up to do.
01:10Recent surveys show that it has fallen behind peers like Wawa and Sheetz when it comes to
01:16customer satisfaction on food.
01:19Cigarette traffic has fallen for six months in a row through August.
01:237-Eleven's Japanese parent, Seven and I, said when it comes to middle and low-income customers,
01:29it has noticed a, quote, more prudent approach to consumption.
01:337-Eleven has 13,000 locations spread across the U.S., Canada, and Mexico.
01:39No word yet on which of those will be shutting their doors.
01:42That'll do it for your daily briefing from the New York Stock Exchange.
01:45I'm Conway Gittins with The Street.
01:49Thanks for watching.

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