The world's largest convenience store retailer, 7-Eleven, confirmed store closures in Guangzhou city, saying it was part of its business adjustment in China.
"There were not large-scale shop closures in Guangzhou," said a spokeswoman at 7-Eleven Shanghai on Wednesday. "Store closures were part of the company's business adjustment, which was caused by the poor efficiency of the outlets."
Earlier this year, the Japanese retailing giant said it will start its franchise model in the Beijing market, which industry experts said will pave the way for the world-leading retailer to speed up its efforts to grow in the city. The move will be a big concern to other convenience store chains, such as Shanghai Hualian Lowson Co Ltd and the Japan-based FamilyMart Co Ltd.
7-Eleven has approximately 8,030 stores in the US and Canada. It has more than 40,000 7-Eleven and other convenience stores outside the United States and Canada, according to the company's website.
liwoke@chinadaily.com.cn
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