Perth’s first 7-Eleven set for Hay St Mall

Sep 3rd, 2014

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PERTH'S first 7-Eleven convenience store is set to be located in the inner city, with a development application lodged for fit-out and signage at the McNess Royal
Arcade in the Hay Street Mall.

The facade of the historic three-storey arcade was recently restored by Perth-based builder SAVCOR, while current tenants include the 43 Below Restaurant and Lounge, the Commonwealth Bank, Club Oz West Souvenirs, Beauty Queen, and Man to Man.

Current owner Robert Carpenter bought the building in 2008 for $14.1 million, according to RP Data's City Scope publication.

In April, 7-Eleven confirmed speculation first reported by Business News in March that it had major plans for Western Australia.

The global convenience giant said it planned to open 11 WA stores over the next 12 months, part of a state wide rollout of up to 75 stores over the next five
years.

It is understood to be working on a series of property acquisitions to facilitate the rollout, including stand-alone convenience stores and fuel stations.

Industry sources suggest that 7-Eleven is seeking to acquire and rebrand a number of Coles Express service stations to convert into 7-Eleven outlets.

The WA convenience store market is estimated to be worth about $270 million, with 7-Eleven set to rollout its core products, including its iconic Slurpee range and he ever-popular Krispy Kreme Doughnuts, as well as its famous $1 coffees to gain a slice of that market.

The push into Perth marks 7-Eleven's first new territory drive in 32 years, with the Melbourne based Australian arm of 7-Eleven operating more than 600 stores in the eastern states, laying claim to more than a third of market share across the eastern seaboard.

Its board of directors includes former Synergy chairman Michael Smith, who also serves as chairman for internet service provider iiNet, as well as newly-listed financial services firm Pioneer Capital.

Roy Morgan Research released at the time of the 7-Eleven announcement described the move into WA as a "good call", using the operation's own catchphrase with more than 36 per cent of Australians aged 14 or over visiting a convenience store at least once each three months.

Source: Dan Wilkie

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