7-Eleven

What is 7-Eleven?

7-Eleven is an international chain of convenience stores, headquartered in Dallas, Texas. The chain was known as Tote'm Stores until renamed in 1946. 7-Eleven has more than 69,000 stores in 17 countries, notably in the U.S., Japan, Canada, the Philippines, Hong Kong, Taiwan, Malaysia, and Thailand.

History

7-Eleven was founded in 1927 when John Jefferson Green, an employee of the Southland Ice Company in Dallas, Texas, started selling milk, eggs, and bread in front of one of his employer's storefronts. While grocery stores also sold these household goods, Green and Southland Owner Joe Thompson had a theory that offering basic items in a convenient manner would save people both time and money.This simple yet innovative concept of offering staples transformed into a new kind of business - the convenience store.

After becoming known as Tote’m stores in 1928, and nearly going in to bankruptcy during the depression, Southland was rebranded 7-Eleven in 1946 to reflect the extended hours of operation - 7 a.m. to 11 p.m.

Growth

The shift in 7-Eleven's operating hours was a significant turning point in the company's growth. This customer-focused strategy was novel at the time and helped differentiate the chain from other convenience stores.

In 1965, the introduction of its signature Slurpee, a frozen carbonated drink, marked a big moment for 7-Eleven. This unique product was an instant hit and has since become synonymous with the 7-Eleven brand.

In 1971, 7-Eleven hit another milestone by installing self-serve soda fountains and introducing the "Big Gulp" drinks. These oversized beverages gave customers more value for their money and attracted a larger customer base, further driving the company's growth.

The 1980s and 1990s marked a period of rapid international expansion for 7-Eleven. The company entered the Asian market, opening stores in countries like Japan, Hong Kong, Singapore, Taiwan, Malaysia, and the Philippines. This geographic expansion was key to establishing 7-Eleven as a global brand.

In 1987, the company made another significant move by extending its operating hours to 24/7 in many markets, pioneering the concept of 'round-the-clock convenience.

In 2005, Seven & I Holdings Co., Ltd., the parent company of the Japanese chain Ito-Yokado, acquired a majority stake in 7-Eleven, making it a subsidiary. This acquisition has led to more streamlined operations and has allowed for an increased presence in various Asian markets.

The company has continued to grow into the 2020s, pushing its store count to over 69,000. With recent initiatives such as the 7Rewards loyalty program, 7NOW on-demand delivery, and the introduction of proprietary products like 7-Select, 7-Eleven continues to innovate and adapt to the evolving needs of consumers worldwide.

7-Eleven has also shown its commitment to sustainability, with projects like reducing energy use in stores, testing wind energy, and launching a line of USDA-certified organic teas.

Where are they now?

Today, 7-Eleven continues to innovate and grow, boasting more than 69,000 stores in 17 countries. The company remains a convenience retail leader, always at the forefront of changes in consumer demand.

Key Takeaways

1. Innovation: Before even being called 7-Eleven, they transformed the concept of convenience stores, offering customers the ability to purchase everyday items at any hour, which was unheard of at the time.

2. Adapting to Customer Needs: The introduction of signature items like the Slurpee and Big Gulp were not just innovative products, but responses to what customers wanted - fun, quick, and convenient options.

3. Global Expansion: 7-Eleven's growth strategy has been to consistently expand and adapt to the local market needs of various regions, contributing to its global presence. Moving into markets across Asia has not only increased their growth but overall demand for their stores.

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