7-Eleven goes up for sale: Iconic convenience store chain looking for a buyer – 46 years after it was first launched in Australia
The entire 7-Eleven business is for sale in Australia – just months after the iconic convenience store increased the price of its famous $1 coffee.
Chairman of 7-Eleven Holdings Michael Smith said in a statement on Monday shareholders decided the business was ready for new ownership.
‘The business has great momentum and a compelling strategy for growth across convenient food, the continued transformation of our total merchandise offer, digital and format innovation, and new stores,’ Mr Smith said.
‘With such a strong platform in place, the shareholders have decided that the time is right for new ownership of the business to oversee the next phase of our growth and development.
Mr Smith reassured 7-Eleven customers claiming business is as ‘usual’ as the sale process is at an early stage and is expected to take several months.
‘Across our network of stores, it’s business as usual, and our focus is on our customers and being the first choice in convenience retailing in Australia’.
Majority owner Russell Withers commented on behalf of 7-Eleven shareholders explaining the business started in 1977 with one store in suburban Melbourne.
Mr Withers said the chain now boasts around 750 stores across Victoria, New South Wales, ACT, Queensland and Australia.
He added the chain processes 250 million transactions every year and employees more than 9,000 people across its corporate and franchise network.
However, the Withers and Barlow families decided the time was right to sell the chain to new owners with a view to future growth and success.
‘The company has made significant progress in recent years on a number of fronts and is performing well under a highly credentialed management team, with an exciting outlook for growth,’ Mr Withers said.
The first 7-Eleven store opened in Melbourne’s Oakleigh in 1977 and opened the bsuinesses first 24 hour store in 1978.
The business gained popularity and became a cult convenience store known for its $1 slurpees and coffees.
7-Eleven is the largest convenience retailer on the eastern seaboard of Australia, with an estimated market share of about 38.5 per cent.
The business also claims to be the largest independent fuel retailer on the eastern seaboard as it sells Mobil-branded fuel.
The Withers and Barlow families brought the 7-Eleven brand to Australia after signing an area license agreement in 1976.
The Withers Group also secured the Australian rights to Starbucks, bringing the coffee chain back to Aussie shores in 2014.