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It seems every week there is a story about another retailer closing underperforming stores, which seems like it is never good for a company. Denny's, Walgreens, CVS, TGI Fridays, Cracker Barrel, GameStop, Sears, Applebee's, Red Lobster, Walmart, Best Buy, Pizza Hut, Shake Shack, Boston Market and Popeyes have all done it and most recently, 7-Eleven announced that they would be shuttering 444 locations, but it definitely isn't bad news for them. The convenience store chain has a whopping 12,650 locations in America, so that is barely a drop in the bucket when it comes to the amount of stores they have, and now, they've revealed plans to open over 600 very different kinds of 7-Eleven stores.
In an investor presentation, the chain explained that by the end of 2027, they will open more than 600 larger, food-focused convenience stores that showcase a new prototype they are calling their New Standard locations. CEO Joseph DePinto described them as "more contemporary facilities" that will have "a larger product assortment and expanded food and beverage offerings" than the rest of their stores.
Among the offerings at the New Standard stores will be made-to-order specialty beverages, a cold treats bar, self-serve specialty coffee as well as mobile checkout, in-store seating and electric vehicle charging stations. The company has already begun to open New Standard stores they expect to be operating 115 of them by the end of the year. Then, in the coming years, they'll build another 500 of them, but no word yet on where.