The acquisition is now subject to certain approvals. Credit: withGod via Shutterstock.

In a strategic move to solidify its foothold in the Australian convenience store market, Seven & i Holdings, the Japanese retail conglomerate, has announced the acquisition of the 7-Eleven franchise in Australia for A$1.71bn.

7-Eleven Australia operates 751 stores in the country and is a long-standing licensee of 7-Eleven.

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The Withers and Barlow families, owners of the Australian convenience and petrol retailer, initiated the sale process earlier in 2023. The deal marks a significant milestone in Seven & i’s journey to expand the 7-Eleven empire since it first licensed the franchise from Southland Corp in 1973.

Seven & i said in a statement that the transaction will enable it “to establish itself as the clear industry leader in the Australian convenience store market”.

Now, with control of more than 80,000 7-Eleven stores globally, the Japanese conglomerate’s empire extends beyond convenience stores to include Speedway gas stations in the US and Ito-Yokado supermarkets in Japan.

The acquisition is subject to regulatory approvals and is expected to be completed in the second quarter of 2024.

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Strategic and financial rationale

  • Global growth strategy: Tokyo-based Seven & i Holdings Co leverages 7-Eleven Australia’s nearly 50-year business practices to strengthen the 7-Eleven brand globally.
  • Leading convenience chain: With 751 stores across major populated areas, 7-Eleven Australia holds the top market share, providing a solid foundation for accelerated growth.
  • Focus on food and sustainability: plans include expanding product assortment and introducing high-quality food products, aligning with 7&i’s ‘Green Challenge 2050’ goals for sustainability.

“The acquisition by 7-Eleven International is a vote of confidence in our people, our strategy, and the future of 7-Eleven Australia,” said CEO and managing director of 7-Eleven Australia, Angus McKay.

He added: “The business has strong momentum and an exciting outlook for growth. Our customers will continue to come first, and we will remain focused on the transformation of our total merchandise and fuel offer, the evolution of our convenient food proposition, digital and format innovation, as well as the rollout of new stores.”