7-Eleven Moving Aggressively into NYC

Convenience store retailer plans up to 15 stores in Manhattan by the end of 2012 and 100 within the next five years.

January 11, 2011

NEW YORK - A feature in Crain's New York highlighted 7-Eleven's expansion into Manhattan, growth that it characterized as "taking Manhattan by storm." The retailer opened two stores in Murray Hill and has signed leases for two additional locations in the borough.

"We are actively looking," acknowledged Margaret Chabris, public relations director for 7-Eleven, emphasizing that the Big Apple is a key growth market. The company has also begun moving onto college campuses and airports, with its first airport store at Newark Liberty International Airport opening last year.

By the end of next year, 7-Eleven plans to have up to 20 Manhattan locations, according to unnamed real estate sources, with up to 100 units within the next five years.

"There are more attractive locations available now than there were in the past, and this is due to the recession," Chabris said. "A lot of small businesses are having a tough time growing, or some of them aren't able to renew leases."

7-Eleven currently has 10 stores in Manhattan. One strategy for its New York growth includes a small business conversion program where existing mom-and-pop stores transition their businesses into 7-Eleven franchises at a cost of roughly $250,000 for the remodeling.

"The key to their expansion is they're building their brand," said Ariel Schuster, a broker representing 7-Eleven. "Manhattanites didn't really know about them yet, but around the country, like on Long Island, 7-Eleven is known."

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