Seven & I Holdings is considering listing Ito-Yokado, the historic supermarket retail core of the company, and eventually splitting it off from the more profitable and faster-growing 7-Eleven franchise to focus its efforts on making convenience stores a global business.

The retailer’s board and strategic committee will develop a plan for the split and list the legacy operation "as soon as reasonably practicable,” the Tokyo-based retailer said in a statement Wednesday. Its stock fell 1.4% before the announcement, as news trickled out that it was planning to revamp Ito-Yokado.

Seven & I came under pressure from ValueAct Capital Management last year, when the activist investor called on it to improve its valuation and embrace "bold, structural reform and pursue it with urgency.” The convenience store giant has taken some steps, including considering closing stores.