FINANCE

7-Eleven completes purchase of 55 Sam’s Mart stores

BY Katherine Boccaccio

Dallas — 7-Eleven said Tuesday it has completed its acquisition of 55 Sam’s Mart stores in the greater Charlotte, N.C., area, part of the c-store operator’s plan to accelerate its growth in the region.

Terms of the deal have not been disclosed.

7-Eleven said it will convert the 55 stores to 7-Eleven branded stores by the end of 2012. 7-Eleven will first re-brand and remodel two sites to serve as store training locations. Several more former Sam’s Mart stores are planned for rebranding and renovation starting in March, according to the company.

Sam’s Mart LLC will continue to operate its other 91 stores in the Charlotte and Atlanta metro areas.

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FINANCE

Pantry narrows Q1 loss

BY Staff Writer

Cary, N.C. — The Pantry reported Tuesday that it narrowed its loss in the quarter ended Dec. 29 to $2.9 million, from $12.2 million in the year-ago period.

Total revenue increased to $1.96 billion, beating Wall Street’s expected $1.93 billion in revenue.

Same-store merchandise revenue increased 2% in the quarter.

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REAL ESTATE

Wal-Mart to spend $753 million to expand Canada presence

BY Katherine Boccaccio

Mississauga, Ontario — Wal-Mart Stores isn’t about to let the grass grow under its feet in Canada. The discounter plans to spend about $753 million this fiscal year to expand its store presence in Canada, before rival Target Corp. begins its push in the country.

The plans call for at least 73 projects — including new store builds, store expansions, remodels, and relocations — during the fiscal year that ends Jan. 31, 2013. The program will add 4.6 million sq. ft. of retail space to Walmart Canada’s operations, and up its store count to more than 375. The company currently has 333 stores in the country.

The move will put Wal-Mart ahead of competitor Target, which has launched a Canadian debut that calls for 125 to 135 stores by early 2013.

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