TOKYO, Oct 10 (News On Japan) - Seven & i Holdings has announced plans to change its company name to '7-Eleven Corporation,' reflecting the strategy to focus primarily on convenience stores.
The name change is expected to be finalized after the shareholders' meeting in May next year.
Seven & i Holdings was established in 2005 as a Japanese diversified retail group, formed from the restructuring of Seven-Eleven Japan and Ito-Yokado. The company's origins can be traced back to 1920 when Masatoshi Ito founded a small clothing store in Tokyo. This modest business gradually expanded and evolved into Ito-Yokado, which became one of Japan's leading supermarket chains.
In 1973, a significant turning point came when Ito-Yokado acquired the Japanese franchise rights for 7-Eleven, the popular American convenience store chain. This acquisition marked the beginning of a rapid expansion of 7-Eleven stores across Japan, which quickly grew to become one of the largest convenience store networks in the country. The success of 7-Eleven Japan laid the foundation for further growth and innovation in the retail sector.
In 2005, the company underwent a major restructuring to better reflect its diversified operations, which now included convenience stores, supermarkets, financial services, and restaurants. This led to the establishment of Seven & i Holdings as a holding company. The restructuring aimed to improve operational efficiency and capitalize on synergies across its various business units, particularly 7-Eleven, which was emerging as the core driver of its growth.
Seven & i Holdings continued to expand internationally, notably acquiring 7-Eleven Inc. in the United States, which solidified its position as a global retail leader. Despite its broad range of businesses, the company maintained a strong focus on its convenience store operations, which played a central role in its global strategy.
Source: ANN
