7-Eleven Inc. has announced a real estate partnership with NAI Corporate Real Estate Services (NAI CRES) in the Salt Lake City market to build its presence in the area and significantly add to the nearly 100 stores the company operates, franchises and licenses in the area.
The convenience retail leader selected NAI as its exclusive broker for new store growth, site selection, acquisitions, dispositions and other real estate needs. 7-Eleven’s primary objective is to improve its overall store presence. Through careful and methodical growth together with strategic relocations to capitalize on the strongest trade areas, 7-Eleven anticipates expanding its presence in Salt Lake City over the next several years.
In addition to ground-up development, the company’s plans call for conversions of other retail outlets to 7-Eleven stores. 7-Eleven plans to remodel some existing operations, creating more franchise and other business opportunities. NAI CRES has engaged Brett Palmer of Mountain West Retail, an affiliate of NAI Utah, as the local representative for 7-Eleven’s real estate needs in Salt Lake City. ”7-Eleven is in a unique position to capitalize on the opportunities presented in today’s market,” Palmer said. “The company’s strategic real estate planning is a key element to their continued success.”
NAI CRES also is providing real estate services for 7-Eleven in Las Vegas and Calgary, Alberta, Canada. Typical 7-Eleven stores have 2,400 to 3,000 square feet of space, pull traffic from densely populated areas with strong daytime population and multiple traffic generators. “Flexibility” is a significant component in 7-Eleven’s real estate strategy. The company likes in-line, end-cap space in shopping centers as well as freestanding stores and downtown, urban locations. 7-Eleven also wants to be part of re-gentrification efforts in neighborhoods where it plans to grow and that are undergoing revitalization.
A central part of 7-Eleven’s business strategy is its Business Conversion Program (BCP), where the company looks for existing independent retail stores that want to convert to the national chain and become a part of 7-Eleven’s franchise system. The company has converted close to 180 locations to 7-Eleven stores across the U.S through its BCP since 2005. 7-Eleven, Inc. operates, franchises and licenses close to 6,450 stores in the U.S. under the 7-Eleven brand.