7-eleven 711 for sale in australia

The entire 7-Eleven business is up for sale in Australia – just months after the iconic convenience store raised the price of its famous $1 coffee.

Michael Smith, president of 7-Eleven Holdings, said in a statement Monday that shareholders have decided the business is ready for new ownership.

‘The business has great momentum and an attractive strategy for growth in convenience food, continuous transformation of our total merchandise offering, digital and format innovation and new stores,’ Mr Smith said.

‘With such a strong platform, the shareholders have decided that the time is right for new ownership of the business to oversee our next phase of growth and development.

Mr Smith reassured 7-Eleven customers that business is ‘normal’ as the sales process is at an early stage and is expected to take several months.

‘Across our network of stores, it is business as usual, and our focus is on our customers and the first choice in convenience retailing in Australia.’

Commenting on behalf of 7-Eleven shareholders, majority owner Russell Withers explained that the business began in 1977 with one store in suburban Melbourne.

Mr Withers said the chain now boasts around 750 stores across Victoria, New South Wales, the ACT, Queensland and Australia.

He added that the chain processes 250 million transactions every year and employs over 9,000 people across its corporate and franchise network.

However, the Withers and Barlow families decided the time was right to sell the chain to new owners with a view to future growth and success.

‘The company has made significant progress on many fronts in recent years and continues to perform well under a highly credible management team with an exciting outlook for growth,’ Mr Withers said.

The first 7-Eleven store opened in Oakley, Melbourne in 1977, and the business’s first 24-hour store opened in 1978.

The business gained popularity and became a cult convenience store, best known for its $1 Slurpees and coffees.

7-Eleven is the largest convenience retailer on Australia’s eastern seaboard, with an estimated market share of approximately 38.5 percent.

The business also claims to be the largest independent fuel retailer on the Eastern Seaboard as it sells Mobil-branded fuel.

The Withers and Barlow families brought the 7-Eleven brand to Australia after signing a territory licensing agreement in 1976.

The Withers Group also secured the Australian rights to Starbucks in 2014, bringing the coffee chain back to Australian shores.