Japan has limited room to expand at home. Seven & i, the operator of the 7-Eleven brand, has encountered difficulties because of its lackluster stock performance. Its stock has been sliding - down about 11% so far in 2026 - and it is accelerating overseas growth.
That is where Zabka comes in. Poland's No. 1 convenience chain has nearly 13,000 stores across the country. Its stock is up 42% this year, twice the rise of the main Warsaw stock index. Such a deal might alleviate worries that CVC Capital Partners (37.62% owner) and Partners Group (roughly 10%) could offload more shares via the public market.
The Japanese retailer wants to be in 30 countries and regions by 2030, up from 19 today. Seven & i already operates strong convenience-store networks in Japan, the United States, and Australia, and now views Europe as an untapped growth region. Poland would mark the company's fourth European market, after Sweden, Denmark and Norway.
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The potential investment comes as Seven & i works to revive its main convenience-store operations in Japan and the US, where same-store sales have faced headwinds. A European expansion through Zabka could provide a new growth engine and reduce reliance on mature markets.
Zabka has welcomed the possibility of a new strategic investor. Its incoming CEO Tomasz Blicharski said, "Zabka aims to become Europe's convenience retail leader." Seven & i has a track record: it turned an Australian operation into a full subsidiary, sent in its own managers, and improved the food selection.
Analyst Janusz Pieta at mBank said, "With the backing of a large international industry player with ambitions of its own in European convenience retail, Zabka's recently accentuated international expansion plans could be pursued sooner and at greater scale, allowing the group to grow faster and for longer."
The move into Europe also comes amid ongoing efforts by Seven & i to streamline its operations. The company has been reviewing its portfolio and is reportedly considering divesting some non-core assets. A European foothold via Zabka could help diversify revenue streams and reduce dependence on its mature Japanese and American markets, where same-store sales have softened.
There is another layer here. Seven & i previously faced an unsolicited takeover attempt by Canadian convenience-store operator Alimentation Couche-Tard Inc. in 2024. The Circle K operator later abandoned its offer. According to sources close to the discussions, Seven & i is exploring the sale of a minority interest to SoftBank Corp. and PayPay Corp.
Establishing a European presence might counterbalance struggles in the US, though the 24-hour convenience-store model is still not widespread there.
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