Japanese retail giant Seven & i Holdings has announced a plan to significantly boost its group sales by focusing on its convenience-store business. This comes as it faces a buyout offer from a Canadian rival.
President Isaka Ryuichi briefed investors online about the group’s growth strategy.
He said Seven & i aims for annual group sales of more than 30 trillion yen, or about 200 billion dollars, by fiscal 2030, an amount 70 percent higher than its current sales.
The retail giant plans to concentrate management resources on its mainstay convenience-store business.
It will place Ito-Yokado supermarkets and the firm’s other non-convenience store operations under an intermediate holding company.
Isaka says Seven & i is studying multiple possibilities for investment overseas and that it will also accelerate efforts to tap new markets.
He did not mention the acquisition proposal from Canada’s Alimentation Couche-Tard. The operator of Circle K convenience stores is said to have offered 47 billion dollars.