Seven & i to add 1,000 stores in Japan
Seven & i Holdings Co. said Wednesday that it will increase the number of its convenience stores in Japan by 1,000 and open 1,300 new stores abroad by fiscal 2030.
The Japanese retailer plans to increase annual sales from its domestic delivery service through convenience stores by more than 10 times to 120 billion by fiscal 2030.
"Seven & i will transform itself into a company focusing on convenience store business," Stephen Dacus, who assumed the post of president and CEO at the company in May, said at a press conference.
The retailer said that up to 3.2 trillion yen in planned investment through fiscal 2030 will be used to finance mergers and acquisitions aimed at supporting the convenience store business as well as store refurbishment.
The company expects its operating profit to reach 3.4 trillion yen in fiscal 2030, up 26 % from six years before.
In mid-July, Canadian convenience store operator Alimentation Couche-Tard Inc. withdrew its proposal to acquire Seven & i.
Still, the Japanese retailer needs to raise its stock price to avoid further takeover threats.
[Copyright The Jiji Press, Ltd.]
