7-Eleven goes up for sale: Iconic convenience store chain looking for a buyer – 46 years after it was first launched in Australia
- Shareholders said business ready for new owners
- 7-Eleven first opened in Melbourne in 1977
- Its the largest convenience store on eastern seaboard
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.
The entire 7-Eleven business in Australia, which comprises of about 750 stores nationwide, is up for sale (pictured, 7-Eleven store in St Kilda, Melbourne)
Mr Smith reassured 7-Eleven customers claiming business is as ‘usual’ as the sale process is in its 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.
Chairman of 7-Eleven Holdings Michael Smith (left) said shareholders decided the business was ready for new ownership. Majority owner Russell Withers (right) said 7-Eleven has an ‘exciting outlook for growth
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 sale comes just months after the iconic convenience store increased the price of its famous $1 coffees and Slurpees.
From October 4 last year, the price of a regular 7-Eleven coffee doubled to $2 and the stores large Slurpees increased to $1.50.
A spokesperson from 7-Eleven confirmed the price of Australia’s favourite service station drinks rose due to inflated operational costs.
‘The changes are a result of increasing input costs for our products,’ 7-Eleven told Daily Mail Australia.
The affected coffee varieties included the shop’s standard $1 coffee, as well as its hot chocolates, iced coffees and ice cream coffee melts.
The first 7-Eleven store opened in Melbourne’s Oakleigh in 1977 and opened the businesses first 24 hour store in 1978.
The sale comes just months after the iconic convenience store increased the price of its famous $1 coffees (left) and Slurpees (right). From October 4 last year, price of a regular coffee doubled to $2 while Slurpees increased to $1.50
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.