Summary of 7-Eleven Is Reinventing Its $17B Food Business to Be More Japanese | WSJ The Economics Of
The video discusses how 7-Eleven is reinventing its $17 billion food business in the US to be more Japanese-inspired. The company is focusing on doubling down on food sales as tobacco and gas sales decline. Key points include:
- The Japanese owners of 7-Eleven are more data-driven and focused on localizing assortment based on customer needs.
- American 7-Eleven is increasing its store brand goods and food sales to adapt to industry shifts.
- The company is upgrading its commissaries to offer a wider range of food options, partnering with Warabeya for this effort.
- 7-Eleven is utilizing data to target customers and drive impulse buys, with a loyalty program of 95 million members.
- Delivery is a growing part of the business, with orders being double the amount of in-store purchases.
- The company aims to bring the excitement of Asian convenience stores to the US market.
Presenters/Sources
- WSJ The Economics Of YouTube video
Notable Quotes
— 02:22 — « American 7/11 stores were getting two deliveries, per week, and some items were never being purchased. »
— 04:13 — « Thats particularly important given shifts in the convenience store industry. »
— 06:13 — « It helps not only 7/11, but also our advertisers, our vendors, to target our customers at the point of purchase. »
Category
Business and Finance