7-Eleven Inc. is planning to expand its food and beverage offerings in 2024. This expansion aims to increase operating income by $113 million, a 4% rise from the previous year. Joe DePinto, president of 7-Eleven, which is discussed the company’s aims during a financial report.
To achieve this goal, the company will focus on fresh foods and expand its range of private-label products. 7-11 currently has 500 stores with a food and beverage modernization program that features in-store baking, hot grab-and-go cases, self-serve grills, and specialty hot beverages, like a wider variety of coffees. These stores are performing notably better than those without these updates.
Joe DePinto informed us that this expansion program will give an additional 2,500+ stores in 2024. The goal is to boost fresh food sales by 17.5% and proprietary drink sales by 7.7% compared to the previous year. The plan also includes enhancing the quality of their offerings, such as their signature slider line, and developing entree selections.
Delivery services have also played a part in 7-Eleven’s strategy. Delivery sales in 2023 averaged $250 per store per day and brought in an additional 16 transactions per store daily. The 7Now delivery service saw a 25% increase on a same-store basis in the last year. 7-Eleven plans to further grow 7Now’s delivery sales to $725 million in 2024 by adding more stores and expanding its Gold Pass membership program.
Moreover, 7-Eleven recently purchased 204 Stripes convenience stores from Sunoco. This acquisition is part of Seven &i Holdings’ broader plan, which includes focusing on its convenience store business in North America through mergers and acquisitions and considering an initial public offering of its supermarket segment.
Insights, operational strategies, and data trends are crucial for the convenience and fuel retailing industry. As the market evolves, staying informed about these changes can greatly benefit such businesses. To learn more about these topics and other industry-related information, visit convenience.org.
Let’s Take A Quick Look at 7-Eleven’s History
7-Eleven began its adventure in 1927 in Dallas, Texas. It started as a small ice store by Joe C. Thompson and has since turned into the giant we know today. Imagine just selling ice blocks in the beginning and now looking around at a place filled with a variety of foods and drinks!
The company’s name, 7-Eleven, came from its original hours of operation – from 7 a.m. to 11 p.m. – which was unique back in those days. The idea to stay open longer and provide more options was a game-changer, and it put 7-Eleven on the map as the go-to spot for customers’ everyday needs.
Detailed Information About The Expansion Plan
7-Eleven isn’t just sitting back and relaxing. They’ve got big plans to bring more of what people love. And guess what? Fresh food is on the menu.
They’re set to spread out a food program to tons more stores. This isn’t just adding a few new items; it’s a full-on revamp. We’re talking about in-store baking and self-serve grills. It sounds like customers are in for a treat, right?
Their private label products are another area they’re growing. These are items that you’ll only find at 7-Eleven. By making these products better and adding more choices, they’re planning to see pretty impressive sales jumps for both food and drinks.
And talk about convenient – 7-Eleven is all in on delivery. With 7Now, they’re reaching customers right where they are, whether it’s at home or work. Plus, they’re boosting the 7Now Gold Pass program to keep customers coming back for more.
7-Eleven’s strategy isn’t only about selling what’s tasty and quick. They’re also expanding through smart business moves like buying more stores, including those 204 Stripes stores from Sunoco. This means 7-Eleven is becoming an even more familiar face in even more neighborhoods.
For anyone interested in the business side of convenience stores or looking to get on top of industry trends, a visit to convenience.org offers a treasure trove of insights and data. It’s the perfect place for industry professionals to keep learning and growing.
From The Club
It is always a good thing when a fast-food chain expands either its food selection or the number of locations since it would really give more people to choose from! For me, what 7-Eleven’s plan is great! More food and drinks to choose from? Makes me want to stop more often at night, lol. But yeah, new foods and drinks mean new choices, and that’s all that really excites me.