Staff Reports
The ongoing saga of Biden’s economy isn’t just a story of high inflation and sunk savings; it has now reached the convenience store sector, with 7-Eleven planning to close nearly 450 of its locations across North America. In a world where the administration keeps insisting all is well, the glaring reality is beginning to seep through the facade like spilled Slurpee.
Reports indicate that 444 stores—about 3% of the chain’s total—will shutter due to persistent underperformance. This closure news arrived courtesy of Seven & I Holdings, the Japanese conglomerate that owns 7-Eleven. With a significant revenue decline magnified by a 7.3% drop in sales for the month of August alone, it’s hard to imagine how the Biden administration can keep spinning this narrative of economic revival. And in case anyone thinks it’s just a hiccup: 7-Eleven has recorded six straight months of slumping sales. Not exactly the hallmark of economic greatness.
7-Eleven to close more than 400 locations in North America after endless rampant smash and grab looting
Soon there will be nowhere to buy food after the election season https://t.co/whKrnT12EH pic.twitter.com/KreX7RSACp
— SynCronus (@syncronus) October 12, 2024
The convenience store has long thrived on cigarette sales, but those profits have crumbled—not thanks to health initiatives, but thanks to a 26% drop in the cigarette market since 2019. Apparently, Americans aren’t lining up for their nicotine fix like they used to. Instead, the company is set to pivot towards food offerings, which have emerged as the highest-selling category. Whether that means more trendy avocado toast or just a fresher variety of egg sandwiches remains to be seen. Given the current inflation and reduced spending power for middle and lower-income folks, one can only wonder how many will be stopping by for a quick bite.
The corporate mumbo jumbo from 7-Eleven about “optimizing their portfolio” conveniently overlooks the state of the economy for average consumers. It’s almost laughable how a company can try to paint this situation as a strategic move when it is more likely a response to a deteriorating economic environment. In their quest to crush the competition with world-class food offerings, it appears they’re just trying to survive the fallout from a government that assumes people can be cheerful while paying more for almost everything.
While some 7-Eleven locations will close, they still plan to open new stores where customers are clamoring for “convenience.” But would-be customers are likely sitting in their cars after noticing the inflation-stuffed price tags and thinking that convenience isn’t worth the money. The fundamental shift here isn’t merely about stocking shelves; it’s about the reality of the average American’s pocketbook in a Biden economy.
7-Eleven’s struggle serves as a vivid illustration of larger economic challenges, suggesting that instead of focusing on the latest government-funded green initiatives or celebrity-led campaigns, perhaps it would be wise to address broader economic grievances. As people grapple with increased prices at the pump and grocery store, the future—much like that slushy on the floor—looks messy under this administration.
