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7-Eleven hires CB Richard Ellis to help with growth plans
12:00 AM CST on Saturday, November 21, 2009
7-Eleven Inc. said Friday it has hired CB Richard Ellis Group Inc. to help it speed up its aggressive growth plans to add 75 stores in the Dallas-Fort Worth area.
The Dallas-based convenience store chain plans to invest $32 million on its expansion in Dallas, Tarrant, Collin, Denton and Rockwall counties over the next two years, on top of $18 million spent in 2009.
7-Eleven has said it plans to convert all 266 of its local stores to franchise owners.
As part of its expansion, the chain is seeking other independent retail outlets that are interested in becoming 7-Eleven franchises. So far this year, it has converted 80 locations across the country to 7-Eleven stores, including seven in the Dallas area.
In the Dallas market, it's also looking for acquisitions and sites to build new stores.
The real estate program includes remodeling existing stores, said Dan Porter, 7-Eleven vice president of real estate and new store development. He said he's counting on CB Richard Ellis' network and broker contacts to help the company "enter a period of rapid store growth."
Mike Friedman, CBRE senior vice president, is leading the local and Southern California effort along with Naveen Jaggi, senior managing director for CBRE's national retail group.
Typical 7-Eleven stores have 2,400 to 3,000 square feet and are in densely populated areas with strong daytime traffic.
7-Eleven operates, franchises and licenses nearly 6,900 stores in the U.S. The company opened 170 stores in the United States and Canada last year and about 200 this year.
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