Seven & I Holdings, the owner of 7-11 stores, has become the fifth-biggest retailer in the world by taking over Mlllenium Retailing. a Japanese department store group.
AP reports that, "The deal comes as Tokyo-based Seven & I tries to tap a surge in Japanese-consumer spending as the world's second-largest economy stages a strong comeback after a decade in the doldrums. The merger also may strengthen the company's position against U.S.-based Wal-Mart, which has been building its presence in Japan."
The two companies combined will have revenues of about $39 billion, making them #1 in Japan, ahead of Aeon Corp.
Seven & I is already a bit of a hodge-podge -- in addition to 7-11 (US and Japan), it owns the Ito-Yokada supermarket chain and Denny's Japan restaurants. Now it is adding the Sogo and Seibu department stores. While collectively they an claim a huge volume, I don't see how adding department stores to a mix of convenience stores, supermarkets, and restaurants will "strengthen the company's position."
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