TOKYO — Seven & i Holdings, the Japanese retail giant and parent company of 7-Eleven, unveiled an ambitious transformation plan this week that includes opening 2,300 new convenience stores globally and launching an IPO of its North American operations in 2026.
In the wake of Alimentation Couche-Tard’s withdrawal from a proposed $47 billion acquisition, Seven & i is doubling down on its independence with a sweeping strategy to sharpen focus on its core convenience store business. The company plans to open approximately 1,000 new stores in Japan and 1,300 across North America by the fiscal year ending February 2031.
“It is extremely important that we undergo changes now,” said CEO Stephen Dacus, who took the helm in May as the company’s first foreign chief executive. “We will change the way we run our business from the very beginning.”
The expansion comes as Seven & i seeks to revitalize growth following an 11% drop in operating profit at its Japanese 7-Eleven unit earlier this year. The domestic convenience store market remains highly competitive, and the company is facing increased pressure from rivals such as Family Mart and Lawson.
To fund a faster rollout in the U.S. and potential bolt-on M&A activity, Seven & i plans to list its North American business in the second half of 2026. Dacus said the move would allow the firm to take on additional debt and pursue more aggressive growth, despite analyst skepticism about the plan’s ability to generate shareholder value.
Seven & i currently operates about 13,000 stores in North America and 21,600 in Japan. The company projects its convenience store revenue will rise to ¥11.3 trillion ($76.5 billion) by fiscal 2030, up more than ¥1 trillion from 2024.
The strategic shift includes shedding non-core assets. The company has agreed to sell York Holdings Co., the operator of Ito-Yokado supermarkets and other retail brands, including Denny’s Japan, Loft, and Akachan Honpo, to Bain Capital. Seven & i also plans to reduce its stake in Seven Bank, aiming to deconsolidate the financial services arm.
The new strategy follows a year-long takeover saga with Couche-Tard, which ended abruptly last month. Dacus claimed the Canadian suitor lacked a viable regulatory path for the acquisition and noted that its own financial performance had weakened over the past year. Despite the failed deal and a 9% dip in Seven & i’s stock after the withdrawal, Dacus said he was not surprised by the outcome.
With pressure mounting from investors to deliver results, all eyes will be on whether the planned IPO and store expansion can reignite growth and reinforce Seven & i’s position as the world’s leading convenience store operator.
MMR
