It’s the 7th of July, and the floodgates of Slurpees have opened. The slurping sound is echoing throughout America as people are united for a free Slurpee from 7/11. On Slurpee Day, i.e., the 7th of July of every year, 7/11 offers free drinks.
But did you ever wonder why these stores are called 7/11? What are these random numbers about? Here’s an unraveling truth about the nation’s convenience store chain.
How Was The 7/11 Store Founded? Who Started 7-11?
Before getting on with the name, let us first travel back in time to 1927. Refrigerators were still a relatively new concept, and not many households could afford the modern invention. That is when some stores would sell blocks of ice, and people would buy to preserve food.
These ice-selling stores agreed upon a merger called the Southland Ice Company, while Joe Thompson Sr. was designated as the president of this company in 1931. The stores were called “Tote’m” convenience stores, selling eggs and other essential food items, derived from the meaning that people can tote away the goods from the store.
But then, the great depression brought in a wave of despair for a lot of privately owned companies. Southland Ice Company met with an inevitable end, declaring bankruptcy during the country’s economic downfall.
What seemed like an end was actually the inception of something much greater. One man’s vision overturned the company’s fortune.
He pioneered a change in the company’s business model, expanding the aisles with more ration and daily essentials. By 1946, the company was officially renamed 7/11 or 7-Eleven, founded by Joe Thomson.
Where Did Seven-Eleven Get Its Name?
The stores were not only renamed but also rebranded as a store that renders services longer than other retail outlets. This was the first store that was open from 7 a.m. to 11 p.m. These extended hours proved to be quite convenient for a wide demography of customers– from working professionals who got off work late in the evening; parents who needed urgent food early in the morning; hungry students who craved food late at night; people who operate on urgency; and many more scenarios were accommodated at the convenience of 7/11.
By the late 1950s, the company began to expand outside of Texas, where people were enticed by a store that was open at their convenience. In a similar time frame, several NFL matches or sports events were held in the cities. People wanted outlets that were open during late hours to celebrate their team’s win. Because of this demand, several 7/11 stores started extending their closing hours beyond 11 p.m.
By 1961, Joe Thompson’s son, John Thompson, became the president of the company. Two years later, the outlets tried a new business model of being open 24 hours, seven days a week.
What Is The Meaning Of 7-Eleven?
The original meaning of 7-Eleven was that the store would be open from 7 in the morning to 11 at night. However, with the new 24-hour policy, the context is that the stores are open seven days a week.
In 1991, Ito-Yokado, a Japanese supermarket chain, acquired a 70% stake in the company. Hence, 7-Eleven was officially wholly owned by the Japanese parent company in November 2005. The company is now affiliated with the subsidiary of Seven-Eleven Japan.
Currently, there are over 70000 outlets in around 11 countries. The food chain is slated to expand further in the next few years, following the McDonald, Burger King, and Starbucks suit.
Did you get your free drink on Slurpee Day? Can 7/11 successfully launch its franchises in other countries?
Do you prefer a store that is open 24/7? Let us know your thoughts in the comments section below.
Recent Comments