Seven & i Holdings Ends Investment Talks With Poland’s Zabka Group

Just one week earlier, Seven & i had acknowledged that it was in discussions regarding an investment in the Polish chain, confirming media reports that had surfaced. The potential deal, which had been expected to be worth several hundred billion yen, was viewed as a strategic move to enter the Eastern European market. Seven & i had confirmed on Saturday, July 18, 2026, that it was in discussions, but noted that no decision had been made at that time. While it is true that we are in discussions regarding investment in Poland's largest convenience store chain, no decision has been made at this time, the company said in a press release on that Friday.

Terms of the Potential Investment

Seven & i announced the termination of the talks in a statement on July 25, citing an inability to align on the conditions of the transaction. Prior to the announcement, the proposed partnership had generated significant market interest. Shares of Zabka Group, which went public on the Warsaw Stock Exchange in late 2024, had surged as much as 10.9% on Thursday, hitting a record high following initial reports of the talks. The Polish retailer, which operates more than 12,900 stores in Poland and Romania as of July 2026, had been positioned as a potential platform for Seven & i to establish a foothold in Eastern Europe. Incoming Zabka CEO Tomasz Blicharski had previously stated, Zabka aims to become Europe's convenience retail leader.

The USDA Foreign Agricultural Service, in its annual retail foods report, had identified Zabka as Poland’s largest convenience store operator as of late 2025, ranking it as the fourth-largest Polish retailer and wholesaler overall. The company’s model, which relies on franchise-operated stores selling hot snacks and groceries, mirrors the approach used by 7-Eleven.

Seven & i’s Global Expansion Ambitions

Despite the setback in Poland, Seven & i remains under pressure to diversify its revenue streams. The company has publicly declared an ambition to expand its global store count, including Japan, from 87,000 to 100,000 by 2030. Furthermore, it aims to grow its footprint to 30 countries and regions by 2030, up from 19 currently. The retailer has faced headwinds in its primary markets, including Japan and the United States, where same-store sales have faced challenges. Seven & i’s stock has been under pressure, falling almost 5% in 2026, lagging Japan’s Nikkei 225 benchmark.

The proposed deal with Zabka was seen as a way to reduce reliance on mature markets. Seven & i already operates convenience-store networks in Japan, the United States, and Australia, and views Europe as an untapped growth region. Poland would have marked the company’s fourth European market, following Sweden, Denmark, and Norway. Seven & i has a demonstrated track record in international markets, having previously turned an Australian operation into a full subsidiary by sending in its own managers to improve the food selection.

Strategic Context and Market Reaction

The decision to walk away from the Zabka deal does not signal a total retreat from Europe. In its statement, Seven & i noted that the region remains an attractive growth opportunity and that the company will continue to evaluate other options to build a network there. The company is simultaneously navigating other corporate pressures. In 2024, Seven & i drew an unsolicited takeover bid from Canada’s Alimentation Couche-Tard, which was ultimately abandoned. Since then, the firm has worked to streamline its business.

Investment stakeholders had been watching the potential deal closely, as the involvement of Seven & i might have alleviated worries that major shareholders could offload more shares via the public market. While the specific deal with Zabka has broken down, Seven & i maintains its commitment to its long-term objective of becoming a more global entity by 2030.