7-Eleven, every mention
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every year anyone David Rosenthal 31Ben Gilbert 12
Verbatim, from the transcripts: the passages where 7-Eleven comes up
The Walt Disney Company: The most successful enterprise for monetizing human nostalgia (Audio) · Acquired
- ▶ 4:23:21 Ben Gilbert Trader Joe's original milk supplier before they got bought by Trader Joe's competitor, Seven 11.
Coca-Cola: The Complete History & Strategy (Audio) · Acquired
- ▶ 2:23:50 David Rosenthal The local ad agency for the bottler there had accidentally discovered the secret that Coke and McCann has known for 20 years that consumers prefer Pepsi to Coke, and the way they figure it out is that they're doing research for Seven 11 in…
- ▶ 2:24:10 David Rosenthal And Seven 11 is selling a generic cola at the time, and they run a taste test with both
- ▶ 2:24:16 David Rosenthal Coke and Pepsi as the controls for the seven-eleven generic cola.
Trader Joe’s: Hawaiian shirts and counter positioning (Audio) · Acquired
- ▶ 3:10 Ben Gilbert And today we dive into how this travel themed pseudo healthy national neighborhood grocery chain came to exist from the unlikeliest of places as a clone trying to rip off Seven 11 in the 19 sixties.
- ▶ 7:41 David Rosenthal And Southland has just recently rebranded their stores, that they are operating very successfully in Texas, in this convenience store model, to something called Seven-Elevens.
- ▶ 7:55 David Rosenthal The history of Seven 11 and the Southland Corporation is fascinating and probably merits an acquired episode of its own someday.
- ▶ 8:02 David Rosenthal Here is a list of crazy things about Seven 11.
- ▶ 8:05 David Rosenthal One, today, twenty-twenty-five, they have more stores than any other retailer in the entire world.
- ▶ 8:14 David Rosenthal They are the largest retailer in the world by number of stores.
- ▶ 8:23 David Rosenthal No, their market cap is about thirty billion dollars, so like a small fraction of Walmart and Costco and Amazon, etc.
- ▶ 8:28 David Rosenthal Two, they invented the to-go coffee cup.
- ▶ 8:38 David Rosenthal In the seventies, the Southland Corporation franchised the seven-eleven concept to a company in Japan, a supermarket chain there.
- ▶ 8:47 David Rosenthal It became so successful in Japan and seven-elevens in Japan are like so deeply part of the Japanese culture that in the nineties, seven-eleven Japan bought out the seven-eleven parrot and now own the company.
- ▶ 9:00 David Rosenthal Seven-Eleven today is a publicly traded Japanese company on the Tokyo Stock Exchange founded in Dallas, Texas, that operates the largest global retail chain in the world.
- ▶ 11:13 Ben Gilbert And the convenience store was born, or more effectively, the first seven 11.
- ▶ 11:17 Ben Gilbert Even though it wouldn't be fully rebranded yet, this becomes seven 11.
- ▶ 12:06 David Rosenthal The company just completely sheds the ice business and becomes the seven-eleven business.
- ▶ 12:12 David Rosenthal 1946, they officially changed the name of the stores to their operating hours, seven-eleven.
- ▶ 13:07 David Rosenthal So Seven 11 is blowing the doors off.
- ▶ 13:18 David Rosenthal Like we said, they are the largest retailer in the world by number of stores today.
- ▶ 13:49 Ben Gilbert And this is like the mid-fifties, so this is right as Seven 11 is starting to really scale up, but before it's hitting those sort of crazy hundreds of stores per year number.
- ▶ 14:06 David Rosenthal We gotta turn around Al, let's just copy-paste this Seven 11 thing.
- ▶ 15:38 David Rosenthal I've finally persuaded Rexall to go ahead with the cloning seven-eleven concept.
- ▶ 15:54 David Rosenthal Of our new division within OWL that is gonna copy Seven 11 and bring convenience stores to Southern California.
- ▶ 17:05 David Rosenthal Joe might have built the Seven 11 of the West Coast, except that the parent company, Rexall, had a couple different irons in the fire for turnarounds here.
- ▶ 27:09 Ben Gilbert And then third, there's another thing happening, which is, it's not just Joe who realizes that seven-eleven is a good idea in California.
- ▶ 27:19 Ben Gilbert It's also a seven 11.
- ▶ 27:57 David Rosenthal A seven-eleven is coming to California and they needed a dairy supplier.
- ▶ 29:28 Ben Gilbert Seven 11 is at least a thousand times bigger, and any landlord is gonna wanna sign them over little pronto markets.
- ▶ 29:46 David Rosenthal And the operating history, yeah, you're a landlord, would you rather have seven 11 be your tenant or start up pronto markets?
- ▶ 29:52 David Rosenthal You're gonna bet on seven 11.
- ▶ 30:06 Ben Gilbert He is doing the exact same thing as Seven 11 at smaller scale.
- ▶ 35:25 David Rosenthal And is protected from the seven-eleven juggernaut that's coming.
- ▶ 37:11 David Rosenthal And that's the moat against Seven 11.
- ▶ 37:15 David Rosenthal Seven 11 giant Southland Corporation.
- ▶ 37:41 Ben Gilbert And that was basically his bet is Seven 11
- ▶ 38:38 David Rosenthal Basically transforms into a liquor store and it buys Joe a couple of years to figure out the bigger business plan and stave off the invasion from seven-eleven.
- ▶ 46:50 David Rosenthal The hard liquor thing was a competitive response to Seven 11.
- ▶ 49:32 David Rosenthal He writes in the book, Seven 11 and the whole convenience store genre served only the most basic needs of the most mindless demographics with cigarettes, Coca-Cola, milk, Budweiser, candy, bread, and eggs.
- ▶ 2:49:38 Ben Gilbert So on that 23, twenty four billion in revenue that we estimated, call it a 32 to thirty four billion dollar company, maybe a thirty five billion dollar company, which delightfully puts them worth slightly more than seven 11.
- ▶ 2:51:06 David Rosenthal Seven 11 works internationally.
- ▶ 3:06:46 Ben Gilbert It's very easy to see the examples of counter-positioning in the early days, like stocking liquor when that was too difficult, or off-strategy for Seven 11 to do.