7-Eleven to open more cafes from Caring proceeds

CGS-CIMB Research said that 7-Eleven Malaysia aims to open 50 new 7-Cafe stores and refurbish more than 50 existing stores in and outside the Klang Valley.

PETALING JAYA: 7-Eleven Malaysia Holdings Bhd will utilise the proceeds from the disposal of its 75% equity stake in Caring Pharmacy Group Bhd to enhance and grow its convenience store business especially its 7-Cafe chain.

CGS-CIMB Research said based on its estimates, the 7-Cafe stores have daily sales that are 1.8 times higher than 7-Eleven stores. Hence, 7-Eleven Malaysia aims to open 50 new 7-Cafe stores and refurbish more than 50 existing stores in and outside the Klang Valley, according to the research house.