7-Eleven to close 444 stores

The Street

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.

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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