7-Eleven Inc. is planning to convert about 475 company-operated 7-Eleven stores in Central Florida into franchised locations, the company said.
The conversion of company-operated stores Florida began in January in South Florida, but the new change will impact 7-Eleven stores in greater Orlando, Tampa/St. Petersburg, Daytona and Fort Myers areas.
“This move by 7-Eleven in Florida is an opportunity for people in the community to franchise their own business using an established, successful system supported by the world’s largest convenience retailer,” said Ivy Nunez, 7-Eleven franchise sales manager for Central and South Florida.
Existing 7-Eleven store managers in Florida were the first invited to apply for a 7-Eleven franchise, and many have taken advantage of the opportunity. The offer is now available to the public.
“7-Eleven offers a proven business model, well-recognized brand and the No. 1 franchise opportunity as ranked this year by Entrepreneur magazine,” said Brad Jenkins, 7-Eleven division vice president for Florida operations. “Ours is an entry-level franchise that offers a variety of services for a new business operator. Franchisees have a vested interest in knowing their customers and communities as 7-Eleven grants much of the product assortment decision-making to each individual store.
“We believe that the franchisee, as a store operator, is in the best position to understand and respond to their local retail needs, which in turn, builds customer loyalty and sales,” Jenkins said.
As franchiser, 7-Eleven provides the land, building, equipment and turnkey operation for its franchisees. The average upfront investment for a 7-Eleven franchise in Florida is about $180,000, an amount that can vary significantly by store because the investment is based on the store’s actual sales history and includes the store’s inventory, supplies, business licenses, permits, bonds, cash register fund as well as a franchise fee.
Unlike other franchise models that take a percent of sales, 7-Eleven shares in the store’s merchandise gross profits.
Separately, 7-Eleven is also expanding through its Business Conversion Program (BCP), whereby independent business owners interested in converting their “back-court” operation to a 7-Eleven store can apply to qualify.
7-Eleven’s BCP provides many similar benefits as 7-Eleven’s traditional, individual-store franchise model while allowing independent store operators with at least 1,800 square feet of space the opportunity to own or lease a store site.
Upon agreement, 7-Eleven installs proprietary equipment and assists in converting the store to a 7-Eleven-branded location. Roughly 4,100 (76%) of nearly 5,400 7-Eleven stores in the U.S. are franchised. The Dallas-based company has consistently been ranked as one of the top franchise opportunities in the U.S. by numerous business publications.