CNBC reports on the growing success of the first convenience store, 7-Eleven.
The 90-year-old convenience store launched its first Evolution store, a bigger and better version of the everyday convenience store. The Evolution store features a growler station with craft beer and a taco restaurant, along with the normal everyday items that convenience stores carry.
7-Eleven was created locally in Dallas, TX in 1927. Originally, 7-Eleven sold bricks of ice cubes. Johnny Jefferson Green came up with the idea to sell staples like milk, eggs, and cigarettes as well, thus creating the convenience store.
- In the 1950’s, 7-Eleven expanded to a few additional states and started selling fuel.
- In the 1960’s, 7-Eleven had 3500+ locations and created the world’s first coffee to go and the famous Slurpee drink.
- In the 1970’s, 7-Eleven introduced self-service gas pumps at some locations.
- In the 1980’s, 7-Eleven launched the 32-oz Big Gulp drink.
- But in the 1990’s, $5 billion in debt and an increase in competition led to 7-Eleven filing for bankruptcy.
After overcoming their bankruptcy, 7-Eleven was able to come back due to increased demand for convenience. Now, 7-Eleven is once again the biggest convenience store as their brand keeps evolving over the years, hence the brand new Evolution stores they have created.