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LAS VEGAS -- Similar to its previously announced actions in other markets in the U.S., 7-Eleven Inc. partnered with NAI Corporate Real Estate Services (NAI CRES) in the Las Vegas market to build its presence and add to the more than 160 7-Eleven stores already in Clark County, the company reported. NAI CRES will act as the retailer's exclusive broker for new store growth, site selection, acquisitions, dispositions and other real estate needs.
NAI CRES, based in Salt Lake City, engaged Jeff Mitchell of Virtus Commercial, an affiliate of Mountain West Retail, as the local representative for 7-Eleven's real estate needs in Las Vegas.
"7-Eleven is in a unique position among retailers in the current market conditions because they are actively expanding," Mitchell said in a released statement. "The 7-Eleven growth strategy is exceptional because it's adaptable. The company can pursue opportunities in a variety of formats -- pad sites, shopping center end caps, urban walk-ups, and non-traditional sites such as casinos, sports venues and airports. Bottom line is that if there is an opportunity, 7-Eleven will look at it, if it is a great opportunity, 7-Eleven opens a store."
NAI CRES also is providing real estate services for 7-Eleven in Salt Lake City, and Calgary, Alberta, according to the retailer.
7-Eleven's primary objective is to improve its overall store presence. Through careful and methodical growth, together with strategic relocations to capitalize on the strongest trade areas, 7-Eleven anticipates expanding its presence in Clark County over the next several years, according to the company.
In addition to ground-up development and acquisitions, the company's plans call for franchise conversions of other retail outlets to 7-Eleven stores, and will remodel some existing operations, creating more franchise and other business opportunities.
Typical 7-Eleven stores have 2,400 to 3,000 square feet of space and pull traffic from densely populated areas with strong daytime population and multiple traffic generators, the company reported. "Flexibility" is a significant component in its real estate strategy, and it prefers end-cap space in shopping centers, as well as freestanding stores and downtown, urban locations.
7-Eleven also said it wants to be part of re-gentrification efforts in neighborhoods where it plans to grow and that are undergoing revitalization.
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