Last month, Alimentation Couche-Tard (ACT) withdrew its proposal to acquire Seven & i Holdings, citing “a lack of constructive engagement by Seven & i.” Now, in a presentation earlier this week, the Japanese retailer laid out a transformation plan moving forward.

Seven & i said it plans to open around 1,000 new convenience stores in Japan and 1,300 in North America as part of a growth strategy through the year ending February 2031, reported Kyodo News.

“Among reform steps, Seven & i agreed to sell its subsidiary operating the Ito-Yokado supermarket chain, which has recorded consistent losses in recent years, to U.S. private equity firm Bain Capital in September. The subsidiary, York Holdings Co., operates 31 retailers, including the Denny's casual restaurant brand in Japan, the Loft outlet chain and children's clothing chain Akachan Honpo Co.,” wrote the outlet.

“Seven & i Holdings' planned listing of its North American operations would enable the Japanese convenience store operator to take on additional debt for more aggressive growth than currently planned, its chief executive said on Wednesday,” reported Reuters.

The listing, billed for the second half of 2026, would allow for “faster store rollouts in the U.S. and additional bolt-on M&As, CEO Stephen Dacus said at a strategy briefing for analysts and media in Tokyo,” Reuters wrote.

"It is extremely important that we undergo changes now," Dacus said in a press conference. "We will change the way we run our business from the very beginning."

Regarding the withdrawal, Dacus said Couche-Tard never had an actionable plan to surmount regulatory hurdles in the United States, adding that the fact its performance had suffered in the last year may have fed into its decision to step back from negotiations.

The announcement of the withdrawal came after a year of negotiations.

In a letter to Seven & i’s board, Couche-Tard accused Seven & i of a “calculated campaign of obfuscation and delay.” Seven & i said in a statement that it would accept Couche-Tard’s decision, though it found the announcement “regrettable.”