Japan’s convenience stores have become essential to daily life. That has many fearing the prospect of a foreign takeover of 7-Eleven, says Gearoid Reidy for Bloomberg Opinion.
A pedestrian walks past Japan 's Seven & I’s 7-Eleven convenience store in Tokyo, Japan on Aug 19, 2024. TOKYO: The 7-Eleven convenience store experience is so quintessential to modern Japan that it’s sometimes hard to recall that it’s not Japan ese.
Just as the retail space has changed beyond recognition since 7-Eleven first arrived, the country’s mergers and acquisitions environment is unrecognisable even from just 15 years ago, when closing ranks to prevent foreign takeovers was a common sight., pressing boards to consider the benefits to shareholders when presented with a takeover offer, and requiring “sincere consideration” for bids that, in years past, might have been dismissed out of hand.
From the introduction of affordable, fresh coffee to its recent plans to compete with Domino’s Pizza in meal delivery, Seven continues to make its stores more essential. In times of disaster, the conbini is now seen by locals and authorities alike as a crucial lifeline. Management’s most recent step has been an aggressive expansion of its convenience store business in the US, where it believes it can capitalise with a roll-out of Japanese-style food options. With the takeover bid, the concern will be the opposite in its home country - whose conbini still make up more than 40 per cent of Seven & i’s operating profit - that a Couche-Tard purchase will instead bring a subpar experience.
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