Japan’s Seven & i Holdings Co. has ended talks over a potential investment in Poland’s largest convenience store operator Zabka Group, even as it continues to look for expansion opportunities beyond its home market.
Seven & i was unable to reach a deal that would be “in the best interests” of the company and its shareholders, it said in a statement Saturday. Europe is still an attractive growth opportunity and the 7-Eleven owner will keep evaluating options in the region, according to the release.
The Tokyo-based company had last week confirmed media reports that it was in discussions to acquire a stake in Zabka.
Seven & i has been under pressure over its share price, which has fallen almost 5% in 2026, lagging Japan’s Nikkei 225 benchmark. The company drew an unsolicited takeover bid from Canada’s Alimentation Couche-Tard in 2024, which was ultimately abandoned. The Japanese retailer has since streamlined its business and promised faster growth.
With limited room to grow at home, Seven & i aims to expand its footprint to 30 countries and regions by 2030, from 19 currently. Europe in particular is seen as a new pillar after the U.S. and Australia. The firm already has operations in Sweden, Denmark and Norway.
Seven & i has traditionally relied on licensing arrangements, leaving management to local operators. Now, the company is betting that it can replicate what it achieved in Australia, where it made the local business a wholly owned subsidiary, dispatched executives and strengthened its food offerings.
The retailer is also considering selling a stake to SoftBank Corp. and Japanese payments company PayPay Corp., people familiar with the negotiations have said, a move that would position them to capture more of consumers’ wallets and fuel faster profit growth.
Building a base in Europe could help offset Seven & i’s weakness in the U.S., although 24-hour convenience-store operations remain less established in the region. Gaining a meaningful foothold in such markets could help drive market expansion.
Seven & i raised its full-year operating profit guidance by around 5% to ¥425 billion ($2.6 billion) in earnings released earlier this month, beating analysts’ estimates.
