Japan’s Seven & i Holdings abandoned talks to acquire a minority stake in Poland’s Zabka Group after failing to reach an agreement on investment terms. Despite the collapsed deal, the 7-Eleven parent remains committed to expanding its footprint across Europe to meet its 2030 global growth targets.
The high-profile negotiations between the Tokyo-based retail giant and Poland’s largest convenience store chain officially broke down, according to an announcement released by Seven & i Holdings. Japanese convenience store operator Seven & i Holdings announced on July 25 that talks to take a minority stake in Polish retailer Zabka had broken down. Japan’s Seven & i Holdings had been in negotiations with Żabka Group to make an investment that Japanese media reported to be worth several hundred billion yen, equivalent to several billion dollars. But the Japanese giant announced on Saturday it had withdrawn from the proposed investment because it could not reach a deal on terms it believed would be in the best interests of Seven & i Holdings shareholders and other partners.
Seven & i fell as much as 2.3% on Monday after it said was unable to reach a deal that would be in the best interests of the company and its shareholders. Seven & i stated that it pulled out of the proposed investment because it could not reach an agreement on terms it believed would be in the best interests of its shareholders and partners.
Strategic Stakes and Market Pressures in Tokyo and Warsaw
Seven & i has been under pressure over its lackluster share price, which has fallen around 6.5% in 2026, lagging behind Japan’s Nikkei 225 benchmark. The company drew an unsolicited takeover bid from Canada’s Alimentation Couche-Tard in 2024, which was ultimately abandoned. The Japanese retailer has since streamlined its business and promised faster growth. Under CEO Stephen Dacus, who took the helm last year, the company has sought new drivers to offset domestic maturation and U.S. headwinds. Analysts had previously reacted favorably to initial reports of the Zabka discussions. Shares in 7-Eleven owner Seven & i rose nearly 4% in Tokyo on Friday as the firm said it was in talks to buy a stake in Polish convenience store operator Zabka as it seeks new growth drivers after investor pressure over weak earnings. Amir Anvarzadeh, market strategist at Asymmetric Advisors, said the market reaction reflected investor support for Seven & i’s renewed investment activity after a relatively quiet period following its acquisition of Australia’s 7-Eleven business. Unlike its previous acquisitions (Zabka) doesn't need to be banged into shape,
said Amir Anvarzadeh, a Japan equity market strategist at Asymmetric Advisors. Despite this being only a stake purchase for now, it may lead to closer ties down the road.
Zabka’s Footprint and Seven & i’s 2030 Global Vision
Zabka Group represents a formidable retail force in Central Europe. Established in 1998, the company operates nearly 13,000 stores across Poland and its newer market in Romania, where it began expanding in 2024. Zabka, which listed on the Warsaw Stock Exchange in 2024, operated almost 13,000 stores across Poland and Romania as of the end of March 2026. Shares of Warsaw-listed Zabka, which has more than 13,000 stores in Poland and Romania, climbed 11% overnight on the news.
For Seven & i, securing a foothold in Eastern Europe aligns with its grander blueprint to expand its international presence. With limited room for growth at home, Seven & i is aiming to expand its footprint to 30 countries and regions by 2030, from 19 currently. Europe in particular is seen as a new pillar, after the U.S. and Australia. The firm already has operations in Sweden, Denmark and Norway. The company has been accelerating its global expansion with an eye toward increasing its worldwide store count, including Japan, from 87,000 to 100,000 by 2030. In 2021, Seven & i acquired Speedway petrol stations, extending its position in the U.S.
What Remains Next for the 7-Eleven Parent
Despite the setback in Warsaw, leadership insists that Europe remains an attractive growth opportunity. Europe is still an attractive growth opportunity and the 7-Eleven owner will keep evaluating options in the region, according to the release. Seven & i has traditionally relied on licensing arrangements, leaving day-to-day management to local operators. Seven & i continues to analyze opportunities in the region that align with its strategy.
