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DALLAS -- 7-Eleven Inc. plans to add approximately 15 new stores in the Puget Sound area of Washington and more than 50 new stores in Northern California by the end of 2011. To do so, the convenience store retailer selected St. Louis-based Colliers Corporate Solutions as its exclusive broker in the North Pacific region, 7-Eleven stated.
"We are committed to adding at least 60 stores to the 625 we already have in the North Pacific area that includes Washington, Oregon and Northern California," Dan Porter, 7-Eleven vice president of real estate and new store development, said in a statement. "Our development plan will bring more commerce and tax revenue to the area through the construction of new sites, remodeling existing stores and providing more franchise and employment opportunities."
In Washington, 7-Eleven plans to spend close to $10 million on new store growth, and expects to spend more than $50 million for new store growth in California. It also plans to upgrade and remodel more than 100 stores in the North Pacific region -- with five remodels slated for Washington -- in that timeframe. Assisting the retailer in its efforts is an expanded regional real estate team, which was doubled in over the past two years, according to the company.
"Colliers' local market intelligence and experience in high-volume development will be vital to our success as 7-Eleven enters a period of rapid, new-store growth in its top markets," Porter added. "We want to quickly identify new locations and take advantage of opportunities throughout the region."
Nationally, 7-Eleven is projecting to add an additional 200 stores in its top growth markets across the U.S. by the end of 2009, 250 locations added in 2010 and more than 300 for 2011. The growth will come from acquisitions and business conversions, as well as developing new locations, the company stated.
"The conditions of the retail real estate market are creating great opportunities for retail users who are currently growing their portfolios," Greg Schuster, senior vice president of Colliers Corporate Solutions, said in a statement. "The success of the 7-Eleven brand and operating model are very attractive to property owners."
7-Eleven will pursue development in both urban and suburban locations, including end-cap space in shopping centers and free-standing stores. In addition, the company also wants to be a part of urban renewal in its growth markets, according to 7-Eleven.
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