Retail group Seven-Eleven Japan, which owns US chain 7-Eleven, is to spend JPY300bn (US$2.4bn) over the next four years to open 1,000 convenience stores in the US.

The investment will also see the company renew over 6,000 existing stores in the US.

A unit of Seven & I Holdings, Seven-Eleven Japan is the leading convenience store chain, where stores are known collectively as conbini. The company is jointly-owned with Japanese retailer Itoyokado.

Seven-Eleven Japan puts its success down to a practice, called tanpin kanri or “management by single product”, an approach to merchandising that considers demand on a store-by-store and product-by-product basis. The concept was introduced to the company’s US stores in 2001, boosting profits by 40%.

“Japan has a highly competitive conbini culture. To compete well, 7-11 and Itoyokado have carried out a distribution revolution and built up our own practices – tanpin kanri,” a Tokyo-based spokesman for Seven-Eleven Japan told just-food. “After successful trials of this in Japan and the US we now want to expand our market, which we will now do in the US.”