Tedeschi Food Shops, a convenience store chain comprising 182 locations in the greater Boston and New Hampshire area, has been acquired by 7-Eleven. The transaction is anticipated to close in mid-2015.
"Tedeschi is a respected brand and this acquisition fits in perfectly with 7-Eleven's growth strategy," said Stan Reynolds, executive VP and CFO of 7-Eleven. "This move was made possible by 7-Eleven reinvesting the return from previous successful acquisitions to continue the company's growth as the world's largest convenience retailer. These high-volume, high-performing locations complement our existing real estate portfolio in the Boston, Massachusetts and New Hampshire area."
Most Tedeschi employees will be provided jobs by 7-Eleven once the acquisition is complete.
Currently, 7-Eleven operates and franchises 164 stores in the greater Boston and New Hampshire area and is the largest convenience store chain in the country.
The popularity of convenience stores is growing in the United States, now accounting for 34 percent of all retail outlets. And as the amount of shoppers grows, so does the desire for healthier food options. In fact, 53 percent of consumers said they would visit convenience stores if more healthy options were available.
Chains such as 7-Eleven are adding in healthier food options, such as snack bars under the 7-Select GO!Smart brand. And last September the company introduced Fresh Foods by Tony Horton, the powerhouse behind the BeachBody P90X fitness program.
-See this 7-Eleven press release
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