Seven & i Makes a Splash Down Under: Acquires 7-Eleven in Australia for a Billion-Dollar Bonanza

In a move that screams, “G’day, mates!” Japanese retail bigwig Seven & i Holdings announced on Thursday that it’s snagged the 7-Eleven convenience store chain in Australia for a whopping A$1.71 billion (that’s a cool $1.1 billion in kangaroo currency). Crikey!

The Aussie convenience and petrol party, owned by the Withers and Barlow families, decided it was time to throw a shrimp on the barbie and sell the business earlier this year. With a grand total of 751 stores up for grabs, it was a real deal bonanza.

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Down Under Delight: Seven & i’s AUD 1 Billion Acquisition of 7-Eleven in Australia

Seven & i, not one to shy away from a good snag, believes this acquisition will turn it into the undisputed champion of the Aussie convenience store scene. According to their official statement, they’re eyeing some serious growth Down Under and plan to sprinkle new stores across most Australian states like fairy bread at a birthday party.

Retail Rumble: The Withers and Barlow Families Bid Farewell to 7-Eleven Australia

Fun fact: Seven & i’s corporate ancestors first got cozy with the 7-Eleven franchise back in 1973 when bell-bottoms were cool, and disco ruled the dance floor. Fast forward to 1991, they took over the whole shebang from the U.S.-based Southland Corp and now boast control over a staggering 80,000 7-Eleven stores worldwide. Talk about having your Vegemite toast and eating it too!

Aussie Bonanza: Seven & i’s Grand Plan to Dominate with 7-Eleven Down Under

But wait, there’s more in Seven & i’s shopping cart. Aside from dominating the convenience store game, they also own Speedway gas stations in the U.S. and Ito-Yokado supermarkets in Japan. It’s like they’ve got the retail world on a leash, or should we say, a kangaroo leash?

However, even retail giants face the occasional thunderstorm. Analysts and investors have been giving Seven & i the ol’ stink eye, demanding a bit of restructuring and some Marie Kondo-style decluttering of underperforming assets.

Convenience Store Conquest: 7-Eleven’s 751 Stores Up for Grabs in Australia

Earlier this year, the company faced off against ValueAct Capital, a U.S.-based activist fund that essentially said, “Mate, maybe it’s time for a spin-off of the 7-Eleven convenience store chain?” While Seven & i didn’t chuck a boomerang at the idea, they did make some changes, shutting down 14 Ito-Yokado supermarket stores in Japan, bidding farewell to their apparel business, and waving goodbye to their Sogo & Seibu department store unit.

From Bell-Bottoms to Billions: Seven & i’s Journey with the 7-Eleven Franchise

So, there you have it, folks! Seven & i’s Aussie adventure is not just a Walkabout; it’s a retail rumpus Down Under. Time to celebrate with a Vegemite sandwich and a cold one – just not from a 7-Eleven in Australia, at least not yet! Cheers! 🇦🇺