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TAMPA, Fla. -- 7-Eleven Inc. celebrated a milestone in Lakeland, Fla., when it "handed over the keys" to its 200th franchisee in the state, according to the Tampa Bay Business Journal. This comes after only three years of the convenience store giant franchising stores in Florida.
Stephen Young, an Iraq war veteran who served his country in the U.S. Marine Corps, said it was CBS' popular reality show "Undercover Boss," featuring 7-Eleven President and Chief Executive Joe DePinto, that won Young over on the convenience store -- and now he plans to add more.
"As my family grows, I want to grow with the 7-Eleven family," Young said in a release.
Outside of the military, his only work experience was at a grocery store while growing up in Fernandina Beach. He returned to that type of work after the Marines to help support his wife and child.
According to the Journal article, the total investment in a store like Young's 7-Eleven is typically between $175,000 and $250,000. It's based on the store's actual gross profit and includes all of the inventory, supplies, business licenses, permits, bonds, cash register fund and a franchise fee. The parent company provides the land, building and equipment.
7-Eleven started franchising many of its nearly 600 locations in Florida in 2007, starting in Miami, and then made its way north beginning in mid-2008. Now there are 317 stores still available for franchising in the state, which in the end will leave less than 100 company-owned in Florida.
7-Eleven had estimated revenue of $16.7 billion last year, averaging just under $440,000 per store.