By George Anderson
The parent of 7-Eleven convenience stores, Seven & I Holdings Co., is set to become the fifth largest retailer in the world after it completes a $1.13 billion deal to acquire Millennium Retailing, a Japanese operator of department stores including the Sogo and Seibu chains.
Seven & I also becomes the largest retail store operator in Japan with the addition of the department store group to its chain of convenience stores along with its ownership of Ito-Yokado supermarkets and Denny's Japan.
According to The Associated Press, Seven & I's acquisition of Millenniun Retailing may help it "stave off Wal-Mart and others by broadening its range of revenue and increasing its offerings of luxury goods at a time when consumer spending (in Japan) is on the rise amid an economic recovery."
Moderator's Comment: Will retail business consolidation take on a more global aspect in 2006? Will we see increased interest by foreign-owned businesses in buying into or expanding an existing presence in the U.S./North American market? - George Anderson - Moderator