Seven & I Holdings, a Japan-based retail major, is mulling to double its 7-Eleven convenience store count in North America in a bid to leverage growing consumer confidence in the market.
Confirming its expansion plans, Seven & I Holdings chairman Toshifumi Suzuki told Bloomberg in an interview that the company is likely to increase its store count to about 20,000 or even 30,000 in North America.
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It currently operates 8,000 7-Eleven stores in the region.
By 2014, the retailer is planning to launch 10,000 outlets, anticipating that a quarter of group sales will be accounted from the North American markets.
The developments are in line with Seven & I’s acquisition plans to purchase small chain stores in the US to strengthen its retail foothold in the country.
In 2012, the company has bought nearly 662 convenience stores across North America.
Meanwhile, in the US, the economy is said to be improving with consumer spending and business investment providing the boost.
As per the estimations, the market is expected to witness growth during the later part of 2013.
The company is planning to enhance the operations by foraying into new markets, revealed Suzuki.
In Japan, Seven & I is gearing up to launch 1,500 retail outlets in 2013, adding to its current chain of 15,218 stores, according to its April 2013 statement.
For the year ending February 2014, Seven & I expects an increase of 23% to JPY170bn ($1.69bn) in net income, while its 7-Eleven unit is estimated to record 13% increase to JPY51.8bn ($540m) in profits.
