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DALLAS -- Convenience store chain 7-Eleven Inc. selected KLNB Retail to be its exclusive brokerage firm overseeing an expansion program of 50 stores annually in the greater Baltimore, Washington, D.C., and Northern Virginia markets, the retailer stated. The announcement came one day after 7-Eleven announced similar expansion plans for the New York City area.
"Our investment in the greater Baltimore and D.C. area includes new store development, acquisitions and conversions of other retail outlets to 7-Eleven operations," Dan Porter, 7-Eleven vice president of real estate and new store development, said in a statement. "In addition, we are remodeling existing stores and creating more franchise and other business opportunities."
He continued: "Our focus is on identifying trade areas to take advantage of opportunities throughout the region. Working collaboratively with KLNB and their network of broker contacts will be critical to our success as we are in a period of rapid store growth."
Site selection activities will focus on all of Maryland and Washington, D.C., as well as nine counties in northern Virginia. Selection activities will be led by seven KLNB Retail specialists, according to the company.
KLNB Retail will investigate local markets for high-visibility and high-traffic sites that are free-standing, end-cap or in-line and can support a footprint of between 2,000 and 3,000 square feet, the company stated. Additionally, sites positioned within urban, suburban and highway-oriented projects will be considered.
"The convenience store category is experiencing dramatic growth as time-deprived consumers increasingly choose a fast-in, fast-out alternative in their shopping habits," Keith Barnett, principal of KLNB Retail, said in a statement. "From a real estate perspective, 7-Eleven has carved out a unique niche for its brand in that its expansion strategy is not solely focused on incorporating fuel pumps with its locations. This opens the door for expansion in many markets, such as urban walk-up locations, which are otherwise neglected by most expanding convenience-oriented chains."
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