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7-Eleven Inc., the world's largest convenience retailer with over 22,000 stores worldwide, today announced plans to expand the development and operation of 7-Eleven stores through licensing arrangements in the People's Republic of China.
The company is exploring the formation of a consortium of existing 7-Eleven Inc. licensees in Asia who also have business expertise in China. Seven-Eleven Japan, the largest licensee of 7-Eleven, Inc. with over 8,800 stores, has agreed to participate in a consortium. A number of additional 7-Eleven Inc. licensees, have also expressed strong interest in participating in plans for expansion in China.
One of the company's licensees, Dairy Farm International Holdings Ltd., currently operates over 400 stores in Hong Kong and 62 stores in Guangdong Province (including Guangzhou and Shenzhen).
"A consortium consisting of 7-Eleven, Inc. and selected licensees will leverage the resources and expertise of these companies for penetrating one of the most expansive and densely populated markets in the world," said president and CEO, Jim Keyes. "Our current experience in southern China and our research have convinced us of the tremendous opportunities for further growth in China."