Last week, Business Week did a Q&A with 7-Eleven’s CEO Jim Keyes about his financial services strategy.
Take 7-Eleven’s prepaid Vcom cards. Developed by retail-transaction-services concern Alliance Data Systems (ADS ), Vcom cards will let customers make ATM transactions as well as buy money orders, transfer funds, cash checks, and eventually pay bills. By the end of May, 7-Eleven will outfit 1,000 of its 5,800 U.S. stores with Vcom machines. Now that the U.S. has myriad all-night shopping options, Dallas-based 7-Eleven, which reported net income of $41 million on $10.1 billion in revenues in 2002, is betting big on the service. (Some 73% of 7-Eleven’s common stock is owned by IYG Holding, which comprises Ito-Yokado Co. and Seven-Eleven Japan Co.)