Japan’s Seven & i plans to open 500 stores in US, Canada by 2027

TOKYO (Reuters) – Japan’s Seven & i Holdings said on Wednesday it plans to open 500 new convenience stores in the United States and Canada through 2027.

Seven & i’s founding Ito family made an offer, estimated to be worth $58 billion, last month to take the company private amid a competing takeover offer from Canada’s Alimentation Couche-Tard.

A company spokesman confirmed an earlier report by Kyodo about the plan for convenience stores in North America, adding that it was part of Seven & i’s strategy to grow to 100,000 stores in 30 countries and regions by 2030.

Seven & i has more than 15,000 stores in North America currently but said in October it would close 444 underperforming stores in the region.

The Ito family aims to raise more than 1 trillion yen ($6.52 billion) from a listing of Seven & i’s North America convenience store business, Bloomberg News reported this month.

($1 = 153.3500 yen)