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DALLAS -- In line with its previously announced strategy for a 100 percent franchise network, 7-Eleven Inc. revealed plans yesterday to convert approximately 475 company-operated 7-Eleven stores in central Florida to franchised operations.
"We go in and partner with [business conversion franchisees] and provide them with a lot of what they are looking for, like purchasing scale, infrastructure, daily distribution of fresh items, a pipeline of new innovative products and expertise in merchandising," Joe DePinto, 7-Eleven CEO told CSNews Online.
"We go in an do the remodel to 7-Eleven standards, and they provide us another distribution point," DePinto explained, adding that 7-Eleven signs an agreement with the franchisee for a share of the gross profit.
Metropolitan areas that will see transitions include the greater Orlando, Tampa/St. Petersburg, Daytona and Fort Myers, according to the company. 7-Eleven began converting Florida stores into franchises in January, and existing 7-Eleven store managers were the first invited to apply for a franchise. With this announcement, the offer is now available to the public.
"This move by 7-Eleven in Florida is an opportunity for people in the community to franchise their own business using an established, successful system supported by the world's largest convenience retailer," Ivy Nunez, 7-Eleven franchise sales manager for central and south Florida, said in a statement.
As part of the franchise program, 7-Eleven provides the land, building, equipment and a turn-key operation for franchisees. While it can vary by store, the average up-front, total investment for a 7-Eleven franchise in the state is about $180,000, and is based on actual sales history and includes inventory, supplies, business licenses, permits, bonds, cash register fund and franchise fee, the company stated.
"7-Eleven offers a proven business model, well-recognized brand and the No. 1 franchise opportunity as ranked this year by Entrepreneur magazine," Brad Jenkins, 7-Eleven division vice president for Florida operations, said in a statement. "Franchisees have a vested interest in knowing their customers and communities as 7-Eleven grants much of the product assortment decision-making to each individual store. We believe that the franchisee, as a store operator, is in the best position to understand and respond to their local retail needs, which in turn, builds customer loyalty and sales."
Approximately 4,100, or 76 percent of 7-Eleven's nearly 5,400 U.S. stores are now franchised.
For more information about acquiring a 7-Eleven franchise, call (800) 255-0711.