7-Eleven goes on sale: iconic supermarket chain looking for a buyer – 46 years after first launching in Australia
The entire 7-Eleven business is up for sale in Australia – just months after the iconic convenience store raised the price of its famous $1 coffee.
7-Eleven Holdings Chairman Michael Smith said in a statement Monday that shareholders have decided the company is ready for a new owner.
“The company has great momentum and a compelling strategy for growth in convenience foods, the continued transformation of our entire merchandise offering, digital and format innovation and new stores,” said Mr. Smith.
“With such a strong platform, shareholders have decided that the time is right for a new owner of the company to oversee the next phase of our growth and development.
Mr. Smith reassured 7-Eleven customers, claiming that things are “normal” as the sale process is in its early stages and is expected to take several months.
“It’s business as usual in our network of stores, and our focus is on our customers and being the first choice in convenience stores in Australia.”
Majority owner Russell Withers commented on behalf of 7-Eleven shareholders, explaining that the company started in 1977 with one store in a suburb of Melbourne.
Mr Withers said the chain now has around 750 stores in Victoria, New South Wales, ACT, Queensland and Australia.
He added that the chain processes 250 million transactions each year and employs 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 on a number of fronts in recent years and is performing well under a highly skilled management team, with exciting growth prospects,” said Mr. Withers.
The first 7-Eleven store opened in Melbourne’s Oakleigh in 1977, and the company’s first 24-hour store opened in 1978.
The company gained popularity and became a cult convenience store known for its $1 slurpees and coffee.
7-Eleven is the largest convenience store on Australia’s east coast, with an estimated market share of approximately 38.5 percent.
The company also claims to be the largest independent fuel retailer on the East Coast, as it sells Mobil-branded fuel.
The Withers and Barlow families brought the 7-Eleven brand to Australia after signing an area licensing agreement in 1976.
The Withers Group also secured Australian rights to Starbucks, returning the coffee chain to Australian shores in 2014.
