The renowned convenience store chain, 7-Eleven, has declared its intention to shutter more than 400 of its stores across the United States.
This decision comes as a response to a combination of dwindling sales, rampant inflation, and a decline in cigarette purchases.
According to Gateway Pundit, the announcement was made by Seven & I Holdings, the Japan-based parent company of 7-Eleven, during their recent earnings report. The company stated, The North American economy remained robust overall thanks to the consumption of high-income earners, despite a persistently inflationary, elevated interest rate and deteriorating employment environment. The company further noted a shift in spending habits, particularly among middle- and low-income earners, towards a more cautious approach.
A company spokesperson, in a statement to CBS, maintained that the decision to close stores was part of a broader strategy to optimize their portfolio. Aligned with our long-term growth strategy, we continuously review and optimize our portfolio to deliver convenience where, when and how customers need it, the spokesperson elucidated. They further added, As part of this, we made the decision to optimize a number of noncore assets that do not fit into our growth strategy. At the same time, we continue to open stores in areas where customers are looking for more convenience.
The 7-Eleven brand, which originated as a small convenience store named Totem in Dallas, Texas in 1927, has grown into a global franchise. The store, which initially sold ice, milk, and bread, changed its name to 7-Eleven in 1946 to reflect its extended operating hours, a novelty at the time. The chain was acquired by Japans Seven & I Holdings in 1991 and has since become one of the largest global convenience store chains, boasting over 84,000 stores worldwide.
These closures, however, point to deeper issues within the American economy. Despite assertions from mainstream media and liberal economists of unprecedented national wealth, the reality for average Americans appears to be quite different.
The U.S. Misery Index, an economic indicator that measures the economic distress experienced by average Americans, has shown a consistent increase during the Biden administration. In contrast, during Donald Trump's tenure in 2019, the U.S. Misery Index was at its lowest point in over six decades, a period extending back to the presidency of Dwight D. Eisenhower. This stark contrast underscores the economic challenges facing the nation and the need for policies that promote economic stability and growth.
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