Seven & I Holdings said it will open 1,300 new international stores, mainly in the United States, in an update to its midterm plan after Circle-K operator Alimentation Couche-Tard dropped its ¥6.77 trillion ($44.9 billion) takeover proposal.
The company said it will also add 1,000 net new outlets in Japan as part of its growth strategy. The goal is to "satisfy changing customer needs with new formats and accelerate openings,” the operator of 7-Eleven stores said in a presentation released ahead of a briefing on Wednesday.
Stephen Dacus, who took over as chief executive officer earlier this year, is under pressure to deliver on a plan to streamline Seven & I around convenience stores. The failed deal has intensified pressure on the CEO to reassure investors skeptical of the company’s turnaround strategy, which involves narrowing its business focus to convenience stores, divesting lower-margin units, and aggressively returning cash to shareholders.
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