Seven & i to list supermarket unit Ito-Yokado, Kyodo reports

By Thomson Reuters Apr 9, 2024 | 5:00 AM

TOKYO (Reuters) – Japan’s Seven & i Holdings plans to list its supermarket unit Ito-Yokado, Kyodo news agency reported on Tuesday citing unnamed sources.

The retail conglomerate aims to focus on its mainstay 7-Eleven convenience store operation by having the supermarket business listed, Kyodo said.

Seven & i will likely announce its plan to list Ito-Yokado, a major general merchandise store chain, on Wednesday, when it is set to announce its financial results, Kyodo said.

Asked about the Kyodo report, a company spokesperson said nothing had been decided at this point.

Ito-Yokado, which is struggling to compete with specialty outlets and discount stores, announced in February that it will withdraw from Japan’s major northern island of Hokkaido and some other regions.

(Reporting by Kiyoshi Takenaka, Chang-Ran Kim, Mariko Katsumura; editing by Jason Neely, Kirsten Donovan)