Local operator failed to compete with minimarkets
By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – All 136 7-Eleven convenience stores in Indonesia are set to close following a
failed sale by its local operator, Modern Internasional, Japan’s Nikkei Asian Review reported Friday.
The convenience store brand entered the Southeast Asian country in 2009 but was unable to overcome competition from two local chains with a longer history and from street food stalls.
Modern Internasional reached an agreement earlier this year to sell the 24-hour stores to Thai conglomerate Charoen Pokphand, which owns an affiliate running the world’s second-largest 7-Eleven network, in Thailand.
However, the deal became unstuck in early June, the Nikkei reported, leaving Modern Internasional no choice but to shutter its 7-Eleven operations, with the final more than 100 stores ceasing business Friday. [FULL STORY]