The National Retail Federation (NRF) has released its 2025 Top 50 Global Retailers, which featured three c-store companies — Seven & i Holdings, Alimentation Couche-Tard and OXXO, which is operated by FEMSA. The annual list ranks the leading international retailers based on 2024 revenue.
“The retail industry experienced continued growth in 2024 as consumer spending remained high despite numerous market uncertainties throughout the year,” said Mark Matthews, NRF Executive Director of Research. “This year’s Top 50 Global Retailers is comprised of a diverse list of companies that resonate with consumers across the globe.”
Seven & i, Couche-Tard
Japanese 7-Eleven parent company Seven & i Holdings, which came in at No. 8 on the list, had an eventful 2024.
Most notably, the company was in talks with fellow Global Leader Alimentation Couche-Tard on the potential acquisition of its business for a price of roughly $49 billion. While the conversation is ongoing, no definitive moves have been made just yet.
As of March 2025, Couche-Tard has made it clear that it is willing to divest up to 2,000 North American c-stores to account for any antitrust concerns that may arise upon a deal being reached.
Couche-Tard’s Chief Financial Officer, Filipe Da Silva, told Bloomberg in March that interest for the sites is “really high,” noting that the 2,000-store network would provide retailers with the opportunity to become one of the largest c-store operators in North America.
On 7&i’s side, the company is focusing on its core business while positioning itself to be ready for a potential sale.
Earlier in March, the Japanese company announced some significant operational changes, including the appointment of Stephen Hayes as its new president, representative director and CEO, which will be effective in May.
Additionally, 7&i revealed its plans to pursue a North American IPO for its business by the end of 2026.
“The group is executing key actions that are concrete, actionable and value accretive. We have been on a journey to explore opportunities that create the most value for our shareholders and enhance our customers’ experiences around the world,” said Ryuichi Isaka, president. “This is the right time to move these initiatives forward, and the management team is excited to execute our transformation strategy while remaining focused on identifying avenues to continue driving shareholder value.”
Couche-Tard, which came in at No. 27 on NRF’s list, had a successful 2024 in its own right. Around the same time it lofted its friendly proposal to acquire Seven & i, it also announced its acquisition of GetGo, which added 270 stores to its network.
The locations, which were spread across Pennsylvania, Ohio, West Virginia, Maryland and Indiana, included a variety of open-concept stores, most of which featured stand-alone kiosks for in-store ordering and extensive foodservice programs.
OXXO/FEMSA
OXXO, which is operated by FEMSA, came in at No. 49 on NRF’s 2025 list — another c-store company that had a transformative 2024.
In August 2024, FEMSA acquired Delek US for $385 million, which brought the company to the U.S. market for the first time. The acquisition added nearly 250 stores to FEMSA’s network, with most being located in the southwestern U.S., including locations in Texas and New Mexico.
FEMSA is one of the largest conglomerates in Mexico with operations in over 17 countries. Through FEMSA’s Proximity & Health Division, it operates OXXO, which has over 22,800 stores in five countries, including Mexico, Colombia, Chile, Peru and Brazil.
“At FEMSA, we have a long-held ambition to enter the U.S. convenience and mobility industry, and this transaction represents the ideal way for us to take our first step in this compelling market,” said José Antonio Fernández Garza-Lagüera, CEO of FEMSA’s retail operations. “We have been building and expanding our retail operation in Mexico for over 45 years, eventually reaching ten other countries in South America and Europe, and a store base of more than 30,000 locations. As we welcome our new DK colleagues into the FEMSA family, we are excited to embark on this new and important journey together.”
