New York City 7-Eleven is taking advantage of the weak commercial real estate market to open some 200 stores this year, the New York Times reported.
Company officials said the two regions where growth would be strongest are California, where the company had almost 1,300 stores at the end of 2008, and the New York metropolitan area, which had 431 stores at 2008 yearend. At least 44 stores will open this year in metropolitan New York, more than twice the number that opened last year, the report said.
Looking long term, the company sees the possibility of adding 350 stores in the metropolitan area in five to seven years, according to the article.
The expansion strategy of 7-Eleven, company officials said, reflects relatively strong demand for its products. Plus, the weak real estate market has provided retailer with access to desirable retail space that it was not previously offered or that was too expensive.