Welcome Back Builders!

I hope everyone had a great weekend, getting that much needed refresh to hit the ground running this week! We took some time to look over the feedback about what everyone does and doesn’t like about this newsletter so we decided to try something different this week. Thanks to some thoughtful feedback from readers like you, we’re testing a new format that dives deeper into both current events and timeless lessons from iconic businesses. Our goal? To make Built to Last even more useful, actionable, and worth your time.

This week, we’re looking at 7‑Eleven. A company that didn’t just invent the convenience store, but has spent nearly a century redefining what “convenience” actually means. You’ll get a breakdown of how they’ve adapted through economic crashes, massive acquisitions, and changing customer behavior plus a look at why they turned down a $47 billion buyout offer earlier this year.

As always, we’d love your thoughts. Reply and let us know what you think of the new structure, what you’d change, and what kind of stories you'd like to see next.

Let’s get into it.

How 7‑Eleven Got Its Start

7‑Eleven began in 1927 as an unassuming ice house in the Oak Cliff neighborhood of Dallas, Texas. At the time, Southland Ice Company sold blocks of ice to help locals keep their food cold before home refrigeration was common. One enterprising employee, John Jefferson Green, started selling essentials like milk, bread, and eggs alongside the ice. Customers loved the idea! They could skip a trip to the grocery store and grab the basics in one stop. The concept took off quickly, and Southland expanded the model to several other ice docks across the area. These early stores operated under various names, but all focused on one simple principle: making everyday goods more accessible. The company even placed totem poles outside its stores in the 1930s, earning the informal nickname “Tote’m,” as in “tote ’em away.” This blend of practicality and clever branding laid the groundwork for a retail revolution.

By 1946, Southland renamed its stores “7‑Eleven” to highlight its extended hours, 7 a.m. to 11 p.m. which were virtually unheard of at the time. These new hours weren’t just a marketing gimmick; they reflected a major shift in American consumer behavior. As post-war suburbs grew and families worked longer hours, convenience became a real differentiator. 7‑Eleven embraced that demand and quickly stood apart from traditional grocers and gas stations. In the following decades, the chain introduced innovations like self-serve soda fountains, the iconic Slurpee, and eventually 24-hour service. By the 1970s, franchising enabled rapid national expansion, and a partnership with Japan’s Ito-Yokado led to its first overseas stores. Ironically, the Japanese arm would later take full control of the company after a 1990s financial crisis. But from the very beginning, 7‑Eleven’s growth was rooted in a single, powerful idea: make it easier for people to get what they need, whenever they need it.

What’s New with 7‑Eleven

In 2021, 7‑Eleven completed its $21 billion acquisition of Speedway, adding around 3,800 U.S. locations to bring its total footprint to a commanding presence across North America. The integration is more than just geography: 7‑Eleven is retrofitting these stores with hot food stations, integrating its 7NOW delivery and 7Rewards loyalty programs, and expanding its EV charging network (7Charge), signaling a strategic shift from fuel-first operations to a destination for quick eats, digital engagement, and convenience tech. At the same time, parent company Seven & i Holdings rejected a $47 billion takeover bid from Canadian rival Couche‑Tard, calling it significantly undervalued and full of regulatory risk underscoring their belief in 7‑Eleven’s independent, long-term vision. As of June 2025, Seven & i Holdings has a market cap of $40.51 Billion. The company also has an enterprise value of $59.38 Billion. Now, rumors are mounting around a possible IPO of North American operations by 2026, as the brand positions itself as a tech- and food-forward retail platform.
Today, even as they integrate tech, review franchisee economics, and fight regulatory scrutiny, 7‑Eleven remains laser‑focused on the one thing that’s always mattered: redefining convenience.

The Struggles Behind the Scale

But that dominance wasn’t handed to them. In the Great Depression, the chain nearly collapsed, entering bankruptcy in 1931 and again in the late 1980s after overstretching its resources. It was only after a recapitalization and investor support, especially from Japanese partner Ito-Yokado that the company found solid footing. When it overrode by big-box competition, underperforming stores needed to be shuttered and supply chains rebuilt; today, those same systems ground to a halt during the pandemic, only to be revived by digital-first initiatives and app-powered services. Even modern challenges such as franchisee lawsuits (like the $98 million settlement in Australia), regulatory obstacles tied to EV integration, and maintain franchisee morale have tested their current leadership. As they’ve seen, acquisitions don’t automatically solve scale; retail can be ruthless. But it’s precisely through these setbacks of bankruptcy, litigation, global disruption that 7‑Eleven learned to adapt when convenient meant more than just “open late.”
These are not survival stories, they’re reinvention stories.

Core Lesson: Meet Customers Where They Are

At its core, the enduring success of 7‑Eleven is not the result of sprawling real estate or flashy marketing, it’s built on a relentless obsession with availability. As its founder, Joe C. Thompson Jr., famously said:

Here’s a breakdown of 7-Elevens biggest innovations and changes throughout the years that helped them become the titan of convenience stores they are today:

• 1927–1940s: At a time when general stores closed early, these ice docks stayed open later and renamed themselves “7‑Eleven” to signal extended hours.

• 1960s–1970s: These were the era of self-service soda fountains, Slurpees, and Big Gulps. Formats that catered to convenience in physical form.

• 1970s–1990s: The advent of franchising, expansion into Japan (eventually creating a global master license), and 24/7 service.

• 2000s: Private‑label snacks, improved foodservice, and energy offerings helped reinforce local access.

• 2010s—2020s: Tech-first efforts—cashierless stores, mobile apps, contactless checkout, and delivery. Reinventing access in digital space.

• Today: EV chargers, drone drop-off pilots, digital kiosks, and loyalty tech signal the next era of on‑demand convenience.

At each stage, the question remained the same: “What do customers want, when and where do they want it?” And then meeting them there literally and metaphorically.

Takeaways for Founders

If you’re building something and asking “How does this endure?” take these lessons:

• Compete on access, not just offerings
  Don’t win by having more products. Win by being reachable by location, by time, by channel.

• Make adaptability part of your DNA
  When times change whether by competitors, tech disruption, or consumer preference, answer with new formats.

• Use setbacks to reset direction
  Bankruptcy and litigation aren’t end games, they’re opportunities to shed what doesn’t work and freshen strategy.

• Invest in tech to smooth access, not to scare users
  Loyalty apps, contactless checkout, EV charging—they should remove friction, not create it.

• Scale mindfully
  The Speedway deal shows how acquisition can accelerate progress but only if the experience stays consistent.

• Own your narrative and your independence
  Turning down a massive buyout sends a signal: you believe in your strategic future.

Quote of the Week

One quote sums it up best:

It’s simple, but it’s the mantra that powered a global retail revolution.

Legacy in Motion

Today, 7‑Eleven’s playbook is unfolding in real time:

• EV charging becomes access for electric vehicle owners on the go.

• Delivery 24/7 via 7NOW turns reserves into pipelines.

• Speedway conversion injects new geographies with 7‑Eleven’s digital layer.

• Potential IPO builds valuation through demonstrating independence and modern relevance.

They’re not just building a convenience store company—they're building a convenience platform.

Feedback

Thanks for reading this week’s edition of Built to Last.

We’re building this newsletter for curious, driven builders like you—and we want to keep getting better. Got ideas for who we should cover next? Thoughts on what you’d like to see more (or less) of? Hit reply and let us know.

Every story, every strategy, and every edition is shaped by your input.

Let’s keep learning, refining, and building—together.

— The Built to Last Team

Modernize Out Of Home with AdQuick

AdQuick unlocks the benefits of Out Of Home (OOH) advertising in a way no one else has. Approaching the problem with eyes to performance, created for marketers and creatives with the engineering excellence you’ve come to expect for the internet.

You can learn more at www.AdQuick.com