7-Eleven to be Japan's top retailer
Pacific Business News (Honolulu)
The parent company of 7-Eleven convenience stores will acquire another retail giant to become the largest retail conglomerate in Japan.
Seven & I Holdings Co., which already owns the Ito-Yokado supermarket chain, will pay $1.72 billion (200 billion yen) to acquire Millennium Retailing Inc., the holding company of Seibu and Sogo department stores.
Hawaii outlets of 7-Eleven are directly controlled by Seven & I's Japanese 7-Eleven company, but the U.S. company that operates 7-Elevens on the Mainland also is controlled by Seven & I.
Millennium Retailing's board of directors also met Monday to approve the takeover, which will produce a larger retail conglomerate than Aeon Inc. and much larger than No. 3 Daiei.
Seven & I also owns Denny's Japan Co. restaurant chain. Seven & I says it plans to keep the Seibu and Sogo brands but will cut costs by merging head office functions. Industry analysts think the combined company will have annual sales of $40 billion (well over 4.6 trillion yen.)
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