157-723: 7-Eleven, Inc. is a Japanese-owned convenience store chain, headquartered in Irving, Texas . The chain was founded in 1927 as the Southland Ice Company, operating an ice house storefront in Dallas . Then-owned by Southland Corporation, the number of convenience stores expanded and were named Tote'm Stores between 1928 and 1946. Southland Corporation changed the stores' name to 7-Eleven in 1946, reflecting expanded hours of operation (7 am to 11 pm). Southland Corporation started franchising its stores in 1961; in 1973 Ito-Yokado ,
314-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
471-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
628-785: A 24 hours outlet it was soon curtailed to shut its doors at 12:00am. In 2008, 7-Eleven announced plans to expand its business in Indonesia through a master franchise agreement with Modern Sevel Indonesia. Modern Sevel Indonesia's initial plans were to focus on opening stores in Jakarta, targeting densely populated commercial and business areas. There were 190 7-Eleven stores in Indonesia as of 2014 which then reduced to only 166 stores in September 2016. 7-Eleven then closed its doors in Indonesia in 2017, citing low sales. In October 2021, it
785-583: A 30-year master franchise agreement. The first Laotian 7-Eleven was expected to open in the country's capital, Vientiane , in 2022. It officially opened on September 7, 2023, at Souphanouvong Road, Nongpanai Village, Sikhottabong district in Vientiane. 7-Eleven entered the Macau market in 2005 under the ownership of Dairy Farm , a Hong Kong-based conglomerate operating 7-Eleven stores in Hong Kong. With
942-661: A Japanese supermarket chain, signed a franchisee agreement with Southland Corporation to develop 7-Eleven convenience stores in Japan. Operating the Japanese stores under Seven-Eleven Japan , Ito-Yokado acquired a 70% stake in Southland Corporation in 1991; as majority owner, it changed Southland Corporation's name to 7-Eleven, Inc. that same year, then expanded to 100% ownership in November 2005, making 7-Eleven, Inc.
1099-478: A North American distribution company specializing in fresh convenience. Another large chain is Quickie Mart (whose name predates the fictitious " Kwik-E-Mart " featured on The Simpsons ). The world's largest convenience retailer, 7-Eleven , has about 500 Canadian locations from British Columbia to Ontario . Worldwide, the highest number of the chain's Slurpee beverages are sold in Winnipeg , Manitoba and
1256-777: A buyout offer for Seven & i Holdings. Later, on September 6, 2024, Seven & i Holdings rejected this offer as too low and rife with regulatory risk, although a "sweetened offer" may be considered. 7-Eleven in the United States sells Slurpee drinks, a partially frozen soft drink introduced in 1965 ( Oklahoma 's stores sold these as Icy Drink until 2020), and Big Gulp beverages, introduced in 1976. Other products include: 7-Select private-brand products, coffee, fresh-made daily sandwiches, fresh fruit, salads, bakery items, hot and prepared foods, gasoline, dairy products, carbonated beverages and energy drinks , juices, donuts, financial services, and product delivery services. 7-Eleven
1413-585: A cold store, party store ( Michigan ), bodega (New York City), carry out , mini-market , mini-mart , corner shop, deli or milk bar (Australia), dairy (New Zealand), superette (New Zealand, parts of Canada, and in parts of the US), corner store (many parts of English-speaking Canada and New England), a späti (from 'spätkauf' (lit. 'buy-late') in Germany, a konbini (コンビニ in Japanese ) in Japan, based on
1570-534: A combination of these, but no household goods) or Trinkhalle ("drinking hall"), although they are not pubs, as the name might suggest. A name used for market stalls and also in some regions for little shops is Büdchen (from Bude , "stall, hut, room"); where no special local name for them exists, often just the equivalents of "small shop" or "corner shop" are used ("der kleine Laden/ das Lädchen / das Lädchen an der Ecke"). Snack shops integrated into petrol stations can also have long opening hours, but in contrast to
1727-428: A convenience store are often higher than those at a supermarket , mass merchandise store or auto supply store, as convenience stores order smaller quantities of inventory at higher per-unit prices from wholesalers. Some convenience stores are similar to corner markets, but often have less variety in food. Product containers in a convenience store are often smaller with reduced product quantity to allow more products on
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#17328009442481884-805: A day from factories. Since products are delivered as needed, stores do not need large stock areas. According to the Japan Franchise Association, as of October 2021 (data pertaining to the month of July 2021), there are 55,931 convenience stores in Japan. 7-Eleven leads the market with 12,467 stores, followed by: Lawson (9,562) and FamilyMart (7,604). Other operators include Circle K Sunkus (acquired by Family Mart in 2016; now defunct), Daily Yamazaki , Ministop , Am/Pm Japan (acquired by Family Mart in 2009; now defunct), Poplar , Coco Store (acquired by Family Mart in 2015; now defunct) and Seico Mart. Many items available in larger supermarkets can be found in Japanese convenience stores, though
2041-556: A desk as a decoy in front of their stores, while offering the same range of products as a holder of a mini market license. There are also many small neighborhood stores, known as toko kelontong or warung . Some are sponsored by a network of stores, mostly owned by cigarette companies (such as DRP by Djarum , GGSP by Gudang Garam or SRC by Sampoerna ) or tech companies (such as Mitra Bukalapak or Mitra Tokopedia ). Convenience stores ( コンビニエンスストア , konbiniensu sutoa ) , often shortened to konbini ( コンビニ ) , developed at
2198-423: A fast-food chain maintaining a counter in the store. To save space, food is not prepared in the store. Instead, these counters offer a limited menu of items delivered several times a day from a local branch of the restaurant, with items intended to be served hot either kept hot under a warming device or reheated as ordered. Convenience stores may be combined with other services, such as general stores and pawn shops,
2355-548: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
2512-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
2669-700: A land area of about 33.3 square kilometers (12.9 sq mi) in 2024, Macau has 45 stores. Malaysian 7-Eleven stores are owned by 7-Eleven Malaysia Sdn. Bhd., which operates 3,225 stores nationwide. 7-Eleven in Malaysia was incorporated on June 4, 1984, by the Antah holding, The first 7-Eleven store was opened in October 1984, in Jalan Bukit Bintang , Kuala Lumpur. In the Philippines, 7-Eleven
2826-462: A lesser degree. Many convenience stores have a beverage fountain that offers coffee, soft drinks, and frozen beverages. Stores often stock fast-moving consumer goods ; items with a high turnover are preferred over items with a lower sales rate. The smaller convenience stores typically have few perishable items because it is not economically viable to rotate perishables frequently with a low number of staff. Smaller convenience stores also do not generate
2983-632: A limited amount of alcohol, newspapers, magazines, slushies, cup noodles, ice cream, hot food, oden , game reload and mobile top up cards. Some also have the service of reloading Touch N' Go cards or ATMs. Most have a microwave oven and hot water boiler to heat food. Some have seasonal and limited food, desserts or special imported products and items, like FamilyMart importing strawberry Coca-Cola from Japan. Malaysia has sundry shops that sell daily items and perishables at lower prices, but unlike convenience shops, they are not open 24/7. Some of these sundry shops also sell traditional herbs and ingredients. Oxxo
3140-714: A major presence in the Republic of Korea convenience store market, where it competes with CU , GS25 (formerly LG25), and independent competitors. There are 11,067 7-Eleven stores in the Republic of Korea; with only Japan and Thailand hosting more stores. The first 7-Eleven store in the Republic of Korea opened in May 1989 in Songpa-gu in Seoul with a franchise license under the Lotte Group . In January 2010, Lotte Group acquired
3297-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
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#17328009442483454-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
3611-542: A new holding company, became the parent company of 7-Eleven, Ito-Yokado , and Denny's Japan. As of July 2019, 7-Eleven has stores in all 47 prefectures of Japan with the opening of 14 new locations in Okinawa Prefecture. The aesthetics of the store are somewhat different from that of 7-Eleven stores in other countries as the stores offer a wider selection of products and services. 7-Eleven stores in Japan are also popular among tourists from other countries, as
3768-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
3925-917: A small deli . They differ from general stores and village shops in that they are not in a rural location and are used as a convenient (hence their common name) supplement to larger stores. A convenience store may be part of a gas/petrol station , so customers can purchase goods while refuelling their vehicle. It may be located alongside a busy road, in an urban area , near a railway or railroad station or other transport hub. In some countries, convenience stores have long shopping hours and some remain open 24 hours. Convenience stores often charge significantly higher prices than conventional grocery stores or supermarkets , as they buy smaller quantities of inventory at higher per-unit prices from wholesalers . Customers benefit from their longer opening hours, more convenient and greater number of locations and shorter cashier lines. A convenience store may also be called
4082-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
4239-659: A spokesperson. In February 2020, they opened a cashier-less location at the 7-Eleven headquarters in Irving, Texas . On August 30, 2021, 7-Eleven and Thailand's CP Group opened the first 7-Eleven store in Phnom Penh 's Chroy Changvar district. The company hinted at plans to open at least six more stores in Phnom Penh in 2021. According to plans, products from local small- and medium-sized enterprises (SME) sold in 7-Eleven in Cambodia will comprise at least 50 percent of
4396-658: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
4553-526: A ticket counter for purchasing railway tickets, a post office counter , or gasoline pumps. In Asian countries like Japan or Taiwan , convenience stores are more common because of the higher population density. They are found with gasoline and train stations, but also can be stand-alone stores. Items such as soft drinks or snacks, hot dogs, sausages and fish cakes can be found in these stores. Delicatessens are absent; instead, pre-made sandwiches are available. Non-consumables such as magazines are also sold, but to
4710-570: A tremendous rate in Japan . 7-Eleven Japan, while struggling to localize their service in the 1970s to 1980s, evolved its point of sale -based business, until ultimately, Seven & I Holdings Co. , the parent company of 7-Eleven Japan, acquired 7-Eleven (US) from Southland Corporation in 1991. Japanese-style convenience stores also heavily influenced those stores in other Asian regions or countries, such as Mainland China , Taiwan , Thailand , and South Korea . Convenience stores rely heavily on
4867-567: A wholly owned subsidiary of Seven-Eleven Japan. Ito-Yokado reorganized its collective businesses as a holding company in 2005, Seven & I Holdings , with 7-Eleven, Inc. wholly held by Seven-Eleven Japan. According to reports, there are 9,492 7-Eleven stores in 38 states and territories of the United States. The highest number of 7-Eleven locations of US are in California and Las Vegas with 1,902 stores and 166 stores, respectively. California makes up approximately 20% of all 7-Eleven stores in
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5024-562: Is R-Kioski , with over 560 kiosks across the country, which are all franchise-licensed businesses. There are some independent convenience stores that use the word Kymppi or number 10 in their business name, which is reminiscent of a former large convenience store chain called 10-Kioski, which vanished around the early 2000s. Kymppi is a spoken colloquial word for number 10 ("kymmenen") in Finnish. Smaller towns often have independent kiosks. Convenience stores at service stations are run by either
5181-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
5338-477: Is known for its relatively large drink sizes and 24-hour accessibility . 7-Eleven offers beverages in sizes as large as 128 ounces (3785 mL) (Team Gulp). These beverage sizes were all among the largest sold soft drinks when they were introduced. 7-Eleven has often been associated with these large sodas in popular culture. For example, Mayor Michael Bloomberg 's proposed ban on large sodas in New York City
5495-563: Is now common for convenience stores to sell fresh French bread (or similar). A process of freezing parbaked bread allows easy shipment (often from France ) and baking in-store. Some shops have a delicatessen counter, offering custom-made sandwiches and baguettes . Others have racks offering fresh delivered or baked doughnuts from local doughnut shops. Some shops have a self-service microwave oven for heating purchased food. Fast food items are often available, with stores offering such food either under its owner banner or in partnership with
5652-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
5809-1132: Is the largest chain in the country, with more than 15,000 stores around the country. Other convenience stores, such as Tiendas Extra , 7-Eleven , SuperCity , ampm , and Circle K , are also found in Mexico . The first convenience store in the country, Super 7 (now a 7-Eleven), was opened in 1976 in Monterrey , Nuevo León . There are also some regional chains, like Amigo Express and CB Mas, that operate in Comarca Lagunera , Super Q and El Matador in Queretaro , Coyote in central Mexico, Kiosko in Colima and some locations in nearby states, and JV in northeastern Mexico. Stores sell fast food like coffee , hot dogs , nachos and prepaid cellphones between MXN$ 20 and MXN$ 500, mainly Telcel and Movistar , newspapers , magazines , and Panini products and other novelties. Great Depression The Great Depression
5966-509: Is their extended hours of operation. Many are open 24 hours a day, seven days a week. The majority of convenience stores in Australia are small businesses, being either independently owned or operated under franchise or licence agreement. The industry comprises over 6,000 stores and employs well over 40,000 people as of mid-2018. The Australian convenience channel merchandise sales are valued at $ 8.4 billion (excluding petrol sales) according to
6123-484: Is used. They also offer a wide array of warm food, including traditional items like steamed buns, and stores in Chengdu offer a full variety of onigiri (饭团). Beverages, alcohol, candy, periodicals, and other convenience items are available as well. The majority of these stores are open for 24 hours a day. As of September 2021, 7-Eleven has 2,582 stores in mainland China. 7-Eleven first opened in Hong Kong in 1981, when it
6280-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
6437-587: The 1987 stock market crash and after failing initially to raise high yield debt financing, the company was required to offer a portion of stock as an inducement to invest in the company's bonds. Various assets, such as the Chief Auto Parts chain, the ice division , and hundreds of store locations, were sold between 1987 and 1990 to relieve debt incurred during the buyout. This downsizing also resulted in numerous metropolitan areas losing 7-Eleven stores to rival convenience store operators. In October 1990,
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6594-628: The Buy the Way convenience store chain and rebranded its 1,000 stores under the 7-Eleven brand. Convenience store A convenience store , convenience shop , bodega , corner store , corner shop , or superette is a small retail store that stocks a range of everyday items such as convenience food , groceries , beverages , tobacco products , lottery tickets , over-the-counter drugs , toiletries , newspapers and magazines . In some jurisdictions , convenience stores (such as off-licences in
6751-504: The Great Depression affected the company, sending it toward bankruptcy. Nevertheless, the company continued its operations through re-organization and receivership . A Dallas banker, W. W. Overton Jr., also helped to revive the company's finances by selling the company's bonds for seven cents on the dollar. This brought the company's ownership under the control of a board of directors. In 1946, in an effort to continue
6908-636: The Jardine Matheson Group ) was opened. The license was then acquired by Cold Storage Singapore, a subsidiary of the Dairy Farm Group , in 1989. In 2006, Shell Singapore and 7-Eleven agreed to rebrand all 68 of its Shell Select convenience stores into 7-Eleven. The partnership was terminated in October 2017, and the remaining 52 7-Eleven stores in Shell petrol stations were gradually rebranded back into Shell Select. 7-Eleven has
7065-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
7222-614: The Seven Bank automated teller machines at branches will accept foreign debit and credit cards for withdrawing cash in Japanese yen. Following the example of other convenience stores in Japan, 7-Eleven has solar panels and LEDs installed in about 1,400 of its stores. In July 2019, 7-Eleven launched then almost immediately suspended a mobile payment service, 7pay. The service was hacked upon launch, and attackers were able to spend money from affected customers' accounts. On August 31, 2020, 7-Eleven and Thailand's CP Group announced
7379-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
7536-647: The 1900s, and there are many of those stores in every neighbourhood. In the 2010s, modern convenience stores were introduced, mainly by the AMPM company. Competitors launched brands such as Musmanni Mini Super (a chain of bakery stores promoted to convenience stores), Vindi (operated by AutoMercado supermarket company) and Fresh Market (operated by AMPM in a format appealing to prosperous neighborhoods). In Finland , convenience stores are referred to as kiosks, except for those found inside service stations, which are referred to simply as stores. The biggest convenience store chain
7693-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
7850-553: The 1980s. The 50th store opened in Kwai Chung on October 6, 1983, while the 200th was inaugurated by Simon Keswick at Tai Po Centre on May 7, 1987. The stores were sold to Dairy Farm, part of the Jardine Matheson, in 1989. Octopus card readers were introduced in all 7-Eleven stores in July 1999, although at first these could only be used to add value to the card. In September 2004, the number of locations in Hong Kong
8007-680: The AACS State of the Industry Report 2017. Australia has a flourishing convenience industry with a number of well-known convenience brands including: 7-Eleven, Ampol, NightOwl, Ezymart, BP, APCO, Coles Express, On The Run, Viva Energy, Freedom Fuels and Puma. Alimentation Couche-Tard Inc., which operates Couche-Tard, Provi-Soir, Dépanneur 7, Circle K , Mac's , Winks, and Becker's , is the largest convenience store chain in Canada and receives its products through Core-Mark International ,
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#17328009442488164-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
8321-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
8478-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
8635-653: The English loanword 'convenience', dépanneur or dep (used in Canada, primarily Quebec , in both English and French. It is a loanword from the French 'troubleshooter'). Various types include, for example, liquor stores ( off-licences -offices), mini-markets (mini-marts), general stores or party stores. Typically confectionery (sweets, ice cream, soft drinks), lottery tickets, newspapers and magazines are sold, although merchandise varies widely from store to store. Unless
8792-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
8949-468: The French-speaking province of Quebec , a convenience store is known as a " dépanneur " or "dep" for short, even among some when speaking in English. Chilean convenience stores are typically found at gas stations in most urban and near-urban areas on highways. Examples include Punto/Pronto (owned by Copec ), Spacio 1 ( Petrobras , formerly called Tigermarket and On The Run before Esso Chile
9106-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There
9263-642: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
9420-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
9577-731: The Philippine Seven Corporation (PSC) slashed the store openings to 200 from the original 400 stores planned to be open due to financial difficulties from the growing pandemic situation. On July 11, 2021, coinciding with the 94th founding anniversary of the convenience store chain, 7-Eleven Philippines opened its 3,000th store in Meycauayan, Bulacan . On October 15, 2024, as part of 7-Eleven Philippines' 40th year of operations, they opened their milestone 4,000th store in Newport, Makati City. In Singapore, 7-Eleven forms
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#17328009442489734-544: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
9891-490: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
10048-528: The UK) are licensed to sell alcoholic drinks , although many other jurisdictions limit such beverages to those with relatively low alcohol content, like beer and wine . The stores may also offer money order and wire transfer services, along with the use of a fax machine or photocopier for a small per-copy cost. Some also sell tickets or recharge smart cards, e.g. Opus cards in Montreal , Canada, or include
10205-436: The United States it is one per 8,000 people. Another contributing factor to the widespread proliferation of convenience stores is that, because Japan has a lower crime rate, store owners are not reluctant to keep stores open at late hours in the night and customers are not reluctant to shop during those times. In Malaysia , 7-Eleven is the market leader in convenience shops, with over 2,000 shops. Other convenience shops in
10362-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
10519-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
10676-425: The United States. Its stores operate under its namesake brand globally, including the United States, where it also operates as Speedway nationally but mostly in the Midwest and East Coast , and as Stripes Convenience Stores within the West South Central United States . Both Speedway and Stripes operate alongside 7-Eleven's namesake stores in several American markets. 7-Eleven also operates A-Plus locations with
10833-578: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
10990-405: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
11147-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
11304-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
11461-475: The business needed to sustain food spoilage rates typical of grocery stores or supermarkets . As such, products with a long shelf life are the rule, unless a product is specifically aimed at attracting customers on the chance they may buy something profitable, too. Although larger, newer convenience stores may have a wide range of items, the selection is still limited compared to supermarkets, and in many stores only one or two choices are available. Prices in
11618-489: The change "to make the logo look more graceful". In 1927, Southland Ice Company employee named John Jefferson Green began selling ice, then he started selling eggs, milk, and bread from one of 16 ice house storefronts in Dallas , with permission from one of Southland's founding directors, Joe C. Thompson Sr. Although small grocery stores and general merchandisers were available, Thompson theorized that selling products such as bread and milk in convenience stores would reduce
11775-536: The checkout, the consumer receives a unique transaction code with an expiration date. Depending on the brand (i.e. 7–11 is slightly different from Family Mart), consumers will have to go to any convenience store and finalise the purchase, which can be either at the cashier or at the kiosk. Multiple providers offer konbini as checkout option for foreign companies selling online in Japan, such as Adyen , Degica and Ingenico ePayments. In 1974, Japan had 1,000 convenience stores. In 1996, Japan had 47,000 convenience stores and
11932-615: The city has been awarded the title of the "Slurpee Capital of the World" for many years running. Marketing itself as "more than just a convenience store", there are over 260 Hasty Market locations throughout Ontario and one in British Columbia . In addition to chain convenience stores, there are also many independently owned convenience stores in Canada. Convenience stores are also commonly referred to as "corner stores", "mini-marts" or "variety stores" in some regions of Canada. In
12089-534: The city. It also eases the burden of families. Many Malaysians also enjoy the seasonal food that these stores provide. These stores can be found almost anywhere, especially in areas with a higher population density, such as city centres, condominiums, apartment complexes, office areas, residential areas, shop lots and petrol stations, although the store density is as high as Taiwan or Japan. Items sold at such convenience shops usually range from pre-made local food like nasi lemak, onigiri, buns, snacks, toiletries, drinks,
12246-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
12403-613: The company's post-war recovery, the name of the franchise was changed to 7-Eleven to reflect the stores' new hours of operation (7 am to 11 pm), which were unprecedented at the time. In 1963, 7-Eleven experimented with a 24-hour schedule in Austin, Texas , after an Austin store stayed open all night to satisfy customer demand. Later on, 24-hour stores were established in Fort Worth and Dallas, Texas, as well as Las Vegas , Nevada. In 1971, Southland acquired convenience stores of
12560-474: The company's new, extended hours, 7:00 a.m. to 11:00 p.m., seven days per week. In July 1999, the corporate name of the US company was changed from "The Southland Corporation" to "7-Eleven Inc." Since 1968, 7-Eleven's logos have included a lowercase n . The first wife of John P. Thompson Sr. , the company's president during the 1960s, thought the all-capitals version seemed a little aggressive. She suggested
12717-767: The convenience store industry within the area. In February 2009, 7-Eleven has signed a non-exclusive contract with Chevron Philippines to open its stores in selected Caltex gas stations nationwide. In 2012, they opened their first store outside of Luzon in Cebu City , which soon expanded to the other parts of Cebu as well as its neighboring provinces. It was followed with the branch openings in Bacolod City in 2013, Iloilo City in 2014, Davao City in 2015, and Cagayan de Oro in 2016. The number of stores eventually spread from these major cities to smaller towns and provinces near them. In February 2020, 7-Eleven and GCash ,
12874-423: The corner", due to many Arabic-speaking immigrants form Northwest Africa who work in this sector of the economy. These shops often stay open later than the "épiceries" or groceries, even on public holidays. Shop owners consider the name improper, especially those who come from other ethnic groups, including Imazighen . (See Arabe du coin for more details on their ethnic origins.) Berliners lovingly refer to
13031-537: The country are myNEWS.com , 99 Speedmart , KK Super Mart , Quick and Easy and MyMart (owned by Mydin ). FamilyMart is also found in Malaysia and as of July 2020, has opened its 200th store in Malaysia with the goal of opening 1,000 stores by 2025, bringing the 'konbini' concept to Malaysia. CU 147SHOPS & E-MART25 Convenience stores are very popular among Malaysians, especially urban dwellers in Kuala Lumpur or other populated towns like Penang where
13188-417: The country with around 22,000 and 18,000 stores in 2023, respectively. Foreign chains like Family Mart , Circle K or Lawson , on the other hand, have their stores in big cities and cater to a specific lifestyle instead of focusing on "convenience". To be classified as a convenience store, the store should occupy no more than 100 square meters (1,100 sq ft) of service area; in some local residences,
13345-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by
13502-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
13659-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
13816-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
13973-574: The divestment of operations other than 7-Eleven. In 2005, Seven-Eleven Japan made a tender offer and 7-Eleven, Inc. became its wholly owned subsidiary. In 2007, Seven & i Holdings announced that it would be expanding its U.S. operations, with an additional 1,000 7-Eleven stores in the U.S. For the 2010 rankings, 7-Eleven climbed to the No. 3 spot in Entrepreneur magazine's 31st Annual Franchise 500, "the first and most comprehensive ranking in
14130-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
14287-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
14444-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
14601-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
14758-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating
14915-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
15072-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
15229-422: The former Pak-A-Sak chain owned by Graham Allen Penniman Sr., of Shreveport , Louisiana. With the purchase in 1963 of 126 Speedee Mart (all already open 7–11) franchised convenience stores in California, the company entered the franchise business. The company signed its first area licensing agreement in 1968 with Garb-Ko, Inc. of Saginaw, Michigan , which became the first U.S. domestic area 7-Eleven licensee. In
15386-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
15543-536: The heavily indebted Southland Corp. filed a pre-packaged Chapter 11 bankruptcy in order to transfer control of 70% of the company to Japanese affiliate Ito-Yokado . Southland exited bankruptcy in March 1991, after a cash infusion of $ 430 million from Ito-Yokado and Seven-Eleven Japan. These two Japanese entities now controlled 70% of the company, with the founding Thompson family retaining 5 percent. In 1999, Southland Corp. changed its name to 7-Eleven, Inc., citing
15700-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
15857-401: The importance of creating destinations within the store that require additional space—whether coffee islands, food service areas with seating, or financial services kiosks. Convenience stores have expanded their offerings over the last few years, with stores becoming a part-supermarket, restaurant, gas station and even a bank or drug store. In the United States, convenience stores are sometimes
16014-470: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
16171-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
16328-482: The largest chain of convenience stores island-wide. There are 393 7-Eleven stores in the country as of February 2018. Stores in Singapore are operated by DFI Retail Group (formerly Dairy Farm International Holdings), franchised under a licensing agreement with 7-Eleven Incorporated. The first 7-Eleven store in Singapore was opened along Upper Changi Road in 1983, and in 1986 the first franchised 7-Eleven store (under
16485-467: The late 1980s, Southland Corporation was threatened by a rumored corporate takeover, prompting the Thompson family to take steps to convert the company into a private model by buying out public shareholders in a tender offer. In December 1987, John Philp Thompson Sr. , the chairman and CEO of 7-Eleven, completed a $ 5.2 billion management buyout of the company. The buyout suffered from the effects of
16642-451: The limit is 250 square meters (2,700 sq ft). The Indonesian government also regulates the convenience store license process, so it can only be bought by franchisees, using a different name and different brand, or classifying it as cafeteria . A convenience store with a cafeteria license is only allowed to sell a maximum 10% of its service space for non-food/beverages product. This type of convenience store often puts lawn chairs and
16799-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
16956-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
17113-465: The mobile wallet of Alipay and Globe , have teamed up for the introduction of a new payment option for physical purchases: scan-to-pay (STP) via a barcode feature in the GCash app. This enables the customers to generate their unique barcodes through the GCash app and allow the cashier to scan their barcodes to complete the transaction. In 2020, due to the effect of COVID-19 pandemic in the Philippines,
17270-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
17427-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
17584-487: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
17741-495: The name licensed from owner and fellow Dallas–Fort Worth metroplex -based Energy Transfer Partners , though most of these stores have since been rebranded as standard 7-Eleven stores. The company's first outlets were in Dallas, named "Tote'm Stores" because customers "toted" away their purchases. Some stores featured "native" totem poles in front of the store. In 1946, the chain's name was changed from "Tote'm" to "7-11" to reflect
17898-617: The nearest traditional market. This allows traditional markets to continue selling local goods, but also greatly lowers the opportunities for profit by those who seek to build or own a convenience store by reducing the eligibility of property to be developed into a convenience store. This is especially true in small towns and rural areas. As a result, convenience stores in rural areas are often built side-by-side or at maximum within 50 meters (160 ft) of each other. The two major national convenience store chains in Indonesia are Indomaret and Alfamart , both of which serve almost all areas within
18055-569: The need for customers to travel long distances for basic items. Thompson eventually bought the Southland Ice Company and turned it into the Southland Corporation, which oversaw several locations in the Dallas area. In 1928, a manager named Jenna Lira brought a totem pole from Alaska and placed it in front of her store. The pole served as a marketing tool for the company, as it attracted a great deal of attention. Soon, executives added totem poles in front of every store and eventually adopted an Alaska Native -inspired theme for their stores. Later on,
18212-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
18369-489: The neighbourhood Späti -type shops, petrol station shops nowadays are usually part of large retail chains. " Tante-Emma-Laden [ de ] " (aunt-Emma-shop) is used as a nostalgic term for old-fashioned general stores (typically family owned), the historic predecessors of modern discounters and supermarkets which they were replaced by (similar to mom-and-pop stores). In India , "mom-and-pop" convenience stores are called kirana stores and constitute part of
18526-494: The number was increasing by 1,500 annually. Peter Landers of the Associated Press said that the computerised distribution system allows Japanese convenience stores to stock a wider variety of products, allowing them to be more competitive in the marketplace. Because of this technology and the consequent ease of maintaining the right amount of stock, Japan can support one convenience store for every 2,000 people, while in
18683-599: The only businesses near an interstate highway exit where drivers can buy any kind of food or drink for miles. Most of the profit margin from these stores comes from beer, liquor and cigarettes. Although those three categories themselves usually yield lower margins per item, the sales volume in them generally compensates for it. Profits per item are much higher on deli items (bags of ice, chicken, etc.), but sales are generally lower. In some countries, convenience stores have longer shopping hours , some being open 24 hours. The Australasian Association of Convenience Stores (AACS),
18840-1172: The outlet is a liquor store , the range of alcoholic beverages is likely to be limited (i.e. beer and wine) or non-existent. Most stores sell cigarettes and other tobacco products (e.g. cigarette papers , pipe tobacco, cigars and e-liquid for e-cigarettes ). In many North American jurisdictions, tobacco products comprise the greatest portion of gross sales at convenience stores, between 25% and 35%. Varying degrees of food and grocery supplies are usually available, from household products to prepackaged foods like sandwiches and frozen burritos . Automobile-related items—such as motor oil, maps and car kits—may be sold. Often toiletries and other hygiene products are stocked, as well as sanitary products and contraception . Stores may carry apparel, home furnishings, CDs, and DVDs. Some stores offer money orders and wire transfer services. They may carry small appliances, as well as other household items such as coolers and backpacks. Convenience stores have also been known to carry candles, stationery, artwork, and crockery. Many convenience shops offer ready-to-eat food, such as breakfast sandwiches and fry-ups. Throughout Europe , it
18997-621: The peak body for Australian convenience stores, defines a convenience store as a "retail business with the primary emphasis placed on providing the public with a convenient location to quickly purchase from an array of consumable products, predominantly food and beverages, services as well as petrol." The product mix includes: food to go, beverages, dispensed/barista coffee, snacks (including confectionery), tobacco, basic groceries, ice, petrol and carwash. Stores may offer services such as ATMs, "click & collect", gas bottle exchange, money transfer and lottery tickets. A key feature of convenience stores
19154-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
19311-489: The point of sale. Customers' ages and gender, as well as tomorrow's weather forecast, are important data. Stores place all orders online. As store floor space is limited, they must be careful in choosing what brands to sell. In many cases, several stores from the same chain do business in neighboring areas. This strategy makes distribution to each store cheaper, as well as making multiple deliveries per day possible. Generally, food goods are delivered to each store two to five times
19468-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
19625-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
19782-503: The population density is higher. Its 24/7 policy allows Malaysians to have easy access to necessities or as an alternative hang-out area, especially since Malaysians love to go out for midnight supper at mamaks and eateries that also open late at night, as more and more Malaysians are beginning to work or go out late. The availability of fresh hot food or cold premade food is popular among young workers with less time to prepare food for themselves, as many have irregular work hours, especially in
19939-401: The previous year. The commercials, directed by Harmony Korine , are to reflect the "evolution" of the chain's store format, drawing attention to, in part, the fact that "this isn't just gas station food, there's real restaurant quality food at 7-Eleven", according to CMO Marissa Jarrantt. On August 19, 2024, it was reported that Alimentation Couche-Tard —owner of competitor Circle K —had made
20096-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
20253-686: The selection is usually smaller. As well, the following additional services are also commonly available: Some stores also sell charging service for electronic money and ATM services for credit card or consumer finance . Items not commonly sold include: Slurpees , lottery tickets, car supplies and gasoline . Konbini also offer customers the option of making konbini payments (often also referred to as just konbini ), an offline payment solution that allows customers without credit or debit cards to make online purchases. A consumer can buy online services or goods, such as video games on Steam or tickets for events. By selecting konbini as payment method at
20410-594: The small neighbourhood shops with late opening times found throughout the city (often operated by families with immigrant roots, akin to France) as Späti (translating to "Lat(e)y", derived from Spätkauf , "late purchase"). In North Rhine-Westfalia people call the same kind of shop either Kiosk , like the Finnish, (using the word in a way differing from the rest of Germany, where "Kiosk" usually means only stall-like buildings or other very small window-selling shops which are not entered by customers and which sell either newspapers and magazines or snacks and cigarettes, or
20567-650: The station's parent oil company such as Shell or by either of the two major retail corporations in Finland, Kesko or S Group . Virtually all staffed service stations have a small convenience store. In France chain convenience stores are referred to as "supérettes", implying they are mini-supermarkets. Brands include Carrefour City, Casino Shop, Coccimarket, Daily Monop', Franprix, G20, Leader Price Express, Marché Plus, Sherpa, Sitis, Spar, Utile, Vival... (see Magasin de proximité ). Some other, independent convenience shops are referred to as " Arabe du coin " – "Arab on
20724-569: The stock. 7-Eleven opened its first store in China in Shenzhen , Guangdong in 1992 and later expanded to Beijing in 2004, Tianjin and Shanghai in 2009, Chengdu in 2011, Qingdao in 2012, Chongqing in 2013, Hangzhou and Ningbo in 2017, Nanjing in 2018, and Wuhan , Xi'an , and Fuzhou in 2019. In China's 7-Eleven stores where Slurpees are offered, the Chinese name 思乐冰 (sīlèbīng)
20881-487: The stockholders of both PSC and PSPC approved the merger of the two companies to advance PSC group's expansion. On October 30, 1996, Securities and Exchange Commission approved the merger and PSPC was then absorbed by PSC as the surviving entity. In 2000, President Chain Store Corporation (PCSC) of Taiwan , also a licensee of 7-Eleven, purchased the majority shares of PSC and thus formed a strategic alliance for
21038-514: The store shelves. This reduces the apparent cost differences between full-size packaging in supermarkets. Reduced packaging also reduces waste when a traveller such as a hotel guest does not want to or cannot carry leftover product with them when they depart. The average U.S. convenience store has a sales area of 2,768 square feet (257.2 m ). New stores average about 2,800 square feet (260 m ) of sales area and about 1,900 square feet (180 m ) of non-sales area—a nod to retailers recognising
21195-433: The stores began operating under the name "Tote'm Stores". In the same year, the company began constructing filling stations in some of its Dallas locations as an experiment. Joe Thompson also provided a distinct characteristic to the company's stores, training the staff so that people would receive the same quality and service in every store. Southland also started to have a uniform for its ice station service boys. In 1931,
21352-420: The traditional food retail system. Kirana are typically family-owned stores that operate in fixed locations and carry both basic food and non-food items. Supermarket-styled convenience stores in Indonesia (commonly known as "minimarket") are mostly scattered around the towns. Due to local government restrictions in Indonesia, usually convenience stores may only be built at least 500 meters (1,600 ft) from
21509-464: The ubiquitous Octopus card as a method of payment. They also accept payments for utility bills and public housing rent. In November 1980, Southland Corporation and Hong Kong conglomerate Jardine Matheson signed a franchise agreement to bring 7-Eleven to the territory. The first 7-Eleven shop opened in Happy Valley on April 3, 1981. The chain expanded aggressively across Hong Kong throughout
21666-506: The world". This was the 17th year 7-Eleven was named in the top 10. In February 2010, 7-Eleven opened a concept store in DeLand, Florida across from Stetson University , designed to meet LEED environmental standards. In 2020, 7-Eleven announced it would purchase Speedway for $ 21 billion. In 2021, 7-Eleven rolled out a $ 70 million ad campaign, their largest investment in advertising in years, doubling their market spending from
21823-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
21980-466: The world, where they often bear the name of its holding company Seven & I Holdings —in fact, Seven & I's subsidiary Seven-Eleven Japan , the master franchisee for Japan, is the direct parent company of 7-Eleven, Inc. Of the 71,000 stores around the globe, 21,215 stores (nearly 30% of global stores) are in Japan, with 2,824 stores in Tokyo alone. On September 1, 2005, Seven & i Holdings Co., Ltd.,
22137-624: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
22294-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
22451-534: Was a British colony . As of July 2019, it operates as a subsidiary of the DFI Retail Group (formerly Dairy Farm International). It is popularly called cat¹-zai² ( 七仔 , meaning "little seven") or cat¹-sap⁶-jat¹ ( 七·十一 , meaning "seven eleven"). As of 2012, 7-Eleven had 964 stores in Hong Kong, of which 563 were operated by franchisees. Hong Kong reportedly has the second-highest density of 7-Eleven stores, after Macao. All 7-Eleven stores in Hong Kong accept
22608-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
22765-505: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered
22922-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
23079-487: Was announced across Israeli media that 7-Eleven had signed a contract with Electra Consumer Products to open hundreds of stores in Israel. The first Israeli 7-Eleven location opened in January 2023 at Tel Aviv 's Dizengoff Center . Under the agreement with 7-Eleven, Electra will open a further approximately 400 branded stores in Israel, 300 of them through franchisees. Japan has more 7-Eleven locations than anywhere else in
23236-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
23393-501: Was frequently referred to as the 'Big Gulp ban' (even though the ban would not apply to 7-Eleven as convenience and grocery stores in New York are regulated by the state). In 2012, 7-Eleven changed the size of the Double Gulp from 64 ounces to 50 ounces (1478 mL). The older style cups were too wide at the base, and did not fit vehicle beverage holders. This was not a reaction to the aforementioned large soda ban proposal, according to
23550-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
23707-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
23864-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
24021-424: Was owned by Petrobras), Va y Ven ( Terpel ), Upa!, Upita! and Select (from Shell ). Other brands operating mostly in downtowns and middle- to upper-class neighborhoods are Ok! Market (owned by Unimarc), Big John and Oxxo (owned by FEMSA ) and some small-scale "minisupermercados" akin to mom and pop stores . In Costa Rica , family-owned and operated convenience stores called pulperías have been common since
24178-559: Was run by the Philippine Seven Corporation (PSC). Its first store, located at the corner of EDSA and Kamias Road in Quezon City , opened on February 29, 1984. On July 28, 1988, PSC transferred the Philippine area license to operate 7-Eleven stores to its affiliate, Phil-Seven Properties Corporation (“PSPC”), together with some of its store properties. In exchange thereof, PSC received 47% of PSPC stock as payment. On May 2, 1996,
24335-694: Was subsequently extended to select other 7-Eleven locations across Hong Kong under the "Daily Café" and "Hot Shot" brands. On 7 October 2021, Reliance Retail announced its partnership with 7-Eleven to open its stores in India. The announcement came a day after Future Group , another retail conglomerate, announced the end of its partnership with 7-Eleven, citing the inability to meet the target of opening stores and payment of franchisee fees. The first 7-Eleven in India opened in Mumbai on 9 October 2021 at Blue Fortuna, Military Road, Marol, Andheri East. Initially opened as
24492-570: Was substantially boosted when Dairy Farm acquired Daily Stop , a rival convenience store chain, from SCMP Retailing (HK) . The chain's 84 shops, located mainly in MTR and Kowloon-Canton Railway stations (as well as shopping centers and housing estates), were converted to 7-Eleven stores. In 2009, a 7-Eleven location in Quarry Bay opened with a hot food counter, called "7 Café", selling traditional Hong Kong street food and milk tea . This feature
24649-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
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