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7-Eleven re-enters San Antonio with TETCO acquisition; announces spin-off of 30 Wilson Farms

BY Katherine Boccaccio

Dallas — 7-Eleven said Tuesday it will acquire the retail and wholesale assets of San Antonio-based TETCO, which includes company-operated convenience stores in Utah and the Dallas-Fort Worth, Austin and San Antonio areas of Texas.
Terms of the deal were not disclosed, and closing is expected in November. The acquisition also signals a return to San Antonio for 7-Eleven, where the company had operated stores until 1989.

"The combination of TETCO’s retail and wholesale operations will make this 7-Eleven’s largest acquisition since the company accelerated its growth plan four years ago," said Stan Reynolds, 7-Eleven executive VP and CFO. 7-Eleven said it will begin remodeling and rebranding the bulk of the locations later this year.

7-Eleven reiterated its plans to open at least 630 new locations in U.S. and Canada in 2012. The program involves new development and acquisitions; other significant acquisitions 7-Eleven have made in the past year include the 188-store Wilson Farms purchase and the 183 sites from ExxonMobil in Florida, both in 2011.

7-Eleven also said Tuesday it will put 30 former Wilson Farms locations in upstate New York on the auction block through a third-party broker, as part of its plans to streamline the chain. 7-Eleven has retained NRC Realty & Capital Advisors to sell the stores in upstate and Western New York through a sealed-bid process.
"In any acquisition of an entire chain, there will inevitably be some stores that don’t fit with a buyer’s long-term strategic plans. Such is the case with these 30 properties,” Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said in a statement.The stores are being sold without 7-Eleven branding.

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MasterCard Advisors report: Small retailers’ sales growth slows in July

BY Staff Writer

Purchase, N.Y. — A SpendingPulse report Tuesday by MasterCard Advisors, in partnership with Wells Fargo, found that July spending at small retailers slowed to 6% year over year.

This was lower than June’s small retailer growth rate of 8%. The July report also found that with or without food service and gasoline sales, July’s small business growth was the lowest for the past 12 months.

Michael McNamara, global solutions leader, MasterCard SpendingPulse, noted that, “While this is a notable slowdown in the category’s year-over-year growth, from prior months and from the first quarter’s very robust 9.1% growth, we’re still seeing small retailers outperforming total U.S. retail.”

In the United States, small retailers account for over $100 billion in retail sales excluding automobiles per month.

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Michael Kors profit more than doubles in 1Q, revenue rises 71%

BY Katherine Boccaccio

New York CIty — Michael Kors Holdings Ltd. reported Tuesday that first-quarter profit more than doubled to $68.6 million, from $24.1 million in the year-ago period.

Revenue surged 71% to $414.9 million, after the company opened 76 new stores and grew same-store sales by 37%. Wall Street forecast revenue of $368.3 million.

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