Seven & I Holdings

Seven & i Holdings Co., Ltd. (株式会社セブン&アイ・ホールディングス, Kabushiki gaisha Sebun ando Ai Hōrudingusu, Seven-i (セブンアイ)) is a Japanese diversified retail group headquartered in Nibancho, Tokyo.[2] Seven & I was founded in 1920 as Ito-Yokado, the Japanese chain of general merchandise and department stores. In 1991, Ito-Yokado acquired majority control of 7-Eleven, the American international chain of convenience stores. Seven & I was then established in 2005 as part of a corporate restructuring to serve as the holding company of 7-Eleven, Ito-Yokado, and its other business ventures. It was the fifteenth largest retailer in the world as of 2018.[3]

Seven & i Holdings Co., Ltd.
Native name
株式会社セブン&アイ・ホールディングス
Kabushiki gaisha Sebun ando Ai Hōrudingusu
TypePublic KK
TYO: 3382
TOPIX Core 30 Component
IndustryRetailing
FoundedSeptember 1, 2005 (2005-09-01) (from merger)
Headquarters8-8, Nibancho, Chiyoda, Tokyo, Japan
Key people
Ryuichi Isaka (CEO)
ServicesDepartment stores, Superstores, Supermarkets, Convenience stores, Restaurants, Financial services
RevenueDecrease US$60.952 billion (2019)[1]
Increase US$2.002 billion (2019)[1]
Total assetsIncrease US$55.604 billion (2019)[1]
Total equityIncrease US$23.689 billion (2019)[1]
Number of employees
98,039 (Feb. 2020)[1]
Subsidiaries7-Eleven
Ito-Yokado
Sogo & Seibu
Seven Bank Stripes Convenience Stores
Speedway LLC
WebsiteOfficial website Edit this at Wikidata
A 7-Eleven convenience store in Japan.
Ito-Yokado store in Numazu featuring the revived "Pigeon Mark"

HistoryEdit

The Ito-Yokado Japanese chain of grocery and clothing stores was founded in 1920. In the 1970s, Ito-Yokado became a Japanese franchisee of both the 7-Eleven international chain of convenience stores and the Denny's international chain of family restaurants.[4] In 1990, the Southland Corporation, 7-Eleven's American parent company, filed for bankruptcy due to incurring debt, allowing Ito-Yokado to take over 70 percent of Southland in 1991.[5][6] In 1999, Southland changed its name to 7-Eleven, Inc., citing the divestment of operations other than 7-Eleven.[7] As part of a corporate restructuring, Seven & i Holdings was then established on September 1, 2005, as the parent company of 7-Eleven, Ito-Yokado, and its Denny's restaurants.[8]

On December 26, 2005, the company announced its acquisition of Millennium Retailing holding company, parent of the Sogo and Seibu Department Stores chains. The acquisition makes Seven & i Holdings the largest distribution and retailing business in Japan.

On August 11, 2006, Seven & I purchased Lombard, Illinois-based White Hen.[9]

On June 11, 2012, Seven & I, through its 7-Eleven, Inc. subsidiary, acquired 23 convenience stores in the US from Strasburger Enterprises, Inc.[10]

On December 4, 2013, Seven & I purchased 44.99% ownership of Barneys Japan Co., Ltd. from "a fund operated by Tokio Marine Capital". Barneys Japan "has a network of 10 stores in Japan, including five outlet stores" and, "for the year ending February 2013, Barneys Japan posted sales of ¥19.52 billion." After this transaction, Sumitomo Corporation will continue to retain a majority stake of 50.01% in Barneys Japan Co., Ltd.[11]

On January 29, 2014, Seven & I, through its subsidiary Seven & i Net Media, acquired 50.71% of Nissen Holdings, which is engaged in the mail order sale of clothing and daily necessities, the retail and wholesale of gift products through stores, catalogs, Internet and mobiles. Also, Nissen is involved in the life insurance, casualty insurance agency, credit card and money lending business.[12][13]

On April 6, 2017, Seven & I announced they would be acquiring 1110 convenience stores from American gas company Sunoco for $3.3 billion, as well as that they would be supplied 2.2 billion gallons of fuel annually from Sunoco for 15 years.[14] Sunoco said they would be selling 200 more stores to Seven & I in Q4, 2017.[15]

The current President of Seven & i Holdings, Ryuichi Isaka, was appointed to that position on May 26, 2016, replacing Noritoshi Murata, who resigned his position along with Chief Executive and Chairman Toshifumi Suzuki in April 2016,[16] after activist investor Daniel Loeb, who owns an undisclosed stake in Seven & I through his investment company Third Point, raised concerns about rumours that Suzuki was grooming his son, Yasuhiro Suzuki, as his successor.[17]

In July 2019, 7-Eleven launched, then almost immediately suspended, a mobile payment service, 7pay. The service was hacked upon launch and attackers were able to spend money from affected customers' accounts.[18] The service was announced to be entirely cancelled following a review of the infrastructure it ran on.

On August 2, 2020, Seven & I announced they were purchasing convenience store competitor Speedway LLC from Marathon Petroleum for $21 billion. The deal had closed on May 14, 2021.[19][20][21][22][23]

SubsidiariesEdit

ReferencesEdit

  1. ^ a b c d e "Global 500 - Seven & I Holdings". Fortune. Retrieved 3 February 2021.
  2. ^ "Map to find Seven & i Holdings Co., Ltd". SEVEN&i.com. Retrieved January 13, 2009.
  3. ^ "Top 50 Global Retailers 2019". National Retail Federation. Retrieved November 3, 2019.
  4. ^ "History - Seven & i Holdings Co., Ltd". SEVEN&i.com. Retrieved 4 July 2021.
  5. ^ Silverstein, Stuart (October 25, 1990). "7-Eleven Parent Files 'Prepackaged' Bankruptcy : Retailing: Southland Corp. hopes to expedite the sale of the convenience store chain to its longtime affiliate in Japan". Los Angeles Times. Retrieved August 4, 2015.
  6. ^ "Japanese Firms Pull Southland Corp. From Chapter 11 : Bankruptcy: The two companies pumped $430 million into the parent company of the 7-Eleven chain for 70% of its stock". Los Angeles Times. March 6, 1991. Retrieved August 4, 2015.
  7. ^ "Southland is changing its name to 7-Eleven". The New York Times. March 10, 1999. Retrieved August 4, 2015.
  8. ^ "2005 - Company - Seven & i Holdings Co., Ltd". SEVEN&i.com. Retrieved 19 May 2015.
  9. ^ "7-Eleven Parent Company Buys White Hen Pantry". The New York Times Company. August 11, 2006. Archived from the original on February 24, 2018. Retrieved August 11, 2012.
  10. ^ "Seven & I Holdings : Notice Regarding the Acquisition of Stores from Strasburger Enterprises, Inc". 4-Traders. June 15, 2012. Archived from the original on July 31, 2013. Retrieved August 29, 2012.
  11. ^ Amanda Kaiser (December 4, 2013). "Seven & i Buys Stake in Barneys Japan". WWD. Retrieved December 4, 2013.
  12. ^ "Nissen Holdings Co. Ltd. announces results of takeover bid launched by subsidiary of Seven & I Holdings Co., Ltd". Reuters. Retrieved March 6, 2014.
  13. ^ "Nissen Holdings company profile". Reuters. Archived from the original on March 6, 2014. Retrieved March 6, 2014.
  14. ^ "Sunoco to sell 1,110 U.S. stores to 7-Eleven operator for $3.3 billion". Reuters. April 6, 2017. Retrieved April 6, 2017.
  15. ^ Soble, Jonathan (April 6, 2017). "7-Eleven's Parent Will Buy Sunoco's Convenience Stores". The New York Times. ISSN 0362-4331. Retrieved April 6, 2017.
  16. ^ "Seven & i set to appoint Isaka next president as management shakeup continues". The Mainichi. Retrieved December 25, 2016.
  17. ^ "Seven & i's 83-year-old CEO quits after board rejects his proposal". Reuters. Retrieved December 25, 2016.
  18. ^ "Users of 7-Eleven's mobile payment service lose total of ¥55 million after 900 accounts hacked". The Japan Times. July 4, 2019.
  19. ^ "Marathon Petroleum Corp. Announces Close of $21 Billion Speedway Sale and Return of Capital Plans". Marathon Petroleum.com. May 14, 2021.
  20. ^ Krauss, Clifford (2 August 2020). "Marathon Is Selling Speedway Gas Stations to 7-Eleven's Parent for $21 Billion". The New York Times. Retrieved 3 August 2020.
  21. ^ Ando, Ritsuko; Singh, Kanishka (2 August 2020). "Japan's Seven & i seals $21 billion deal for Marathon Petroleum's Speedway gas stations". Reuters. Retrieved 4 August 2020.
  22. ^ Lindenberg, Greg (3 August 2020). "7-Eleven Outlines Benefits of Speedway Acquisition". CSP Daily News. Retrieved 4 August 2020.
  23. ^ "Marathon Petroleum & 7-Eleven Close Speedway Acquisition". Convenience Store News. 14 May 2021. Retrieved 29 June 2021.
  24. ^ "Seven & I Net Media Co Ltd". Bloomberg Businessweek. Retrieved March 6, 2014.
  25. ^ "Seven & I to buy Net retailer Nissen". The Japan Times. Retrieved March 6, 2014.
  26. ^ "Fact Sheet". Nissen Holdings Co., Ltd. Archived from the original on March 6, 2014. Retrieved March 6, 2014.

External linksEdit


Coordinates: 35°41′8.82″N 139°44′2.35″E / 35.6857833°N 139.7339861°E / 35.6857833; 139.7339861