|PR Log (Press Release) – Jan 22, 2010 – -Eleven, Inc. Climbs to
No. 3 Spot In Entrepreneur Magazine’s 31st Annual Franchise 500
DALLAS (Jan. 7, 2010) – 7-Eleven, Inc. has earned the No. 3 spot on Entrepreneur magazine annual Franchise 500®, which ranks top franchise opportunities in the U.S. This is the convenience retailer’s 17th year to break into the top 10. Billed as the “first, best and most comprehensive ranking in the world,” the Franchise 500 cites “generous in-house financing” of a franchisee’s inventory and “the company’s revolving credit line for inventory, setup costs and expansion” as key to 7-Eleven’s phenomenal growth in 2009.
7-Eleven opened more than 1,800 stores around the world last year, or roughly one every five hours – not bad in a slowed global economy that has directly impacted real estate sales, development and financing. Of those 1,800 stores, more than 250 were in the U.S. The company plans continued growth and has projected opening more than 1,000 stores in U.S. and Canada in the next three years.
“We are honored to once again receive this prestigious recognition from Entrepreneur magazine,” said 7-Eleven President and CEO Joe DePinto. “We have a winning franchise system, and this is well deserved recognition for our outstanding Franchise owners and 7-Eleven associates.”
7-Eleven is currently franchising its remaining 1,000 company-operated stores in the U.S., mostly in Virginia, Florida and Texas.
Another major factor in the retailer’s expansion is its Business Conversion Program (BCP) and a discounted franchise fee program for former military.
For its BCP opportunity, 7-Eleven seeks qualified, independent operators who feel the recession’s squeeze or have the desire to grow their business backed by a successful franchise system. The company offers its proven business model, popular products and generous field and marketing support, and spends as much as $250,000 on average to assist in converting locations to the 7-Eleven brand. Since first offering its BCP in 2005, 7-Eleven has added more than 170 stores through the program.