Once a mini mart always a mini mart? 7-Eleven moves into North Cambridge
The vacant convenience store on Massachusetts Avenue near Porter and Davis squares will become a 7-Eleven, area resident Ron Newman reported after four big posters appeared in the windows of 2245 Massachusetts Ave. on Friday bearing the chain’s logo.
The posters offer the chance to “Franchise this store,” with a phone number, place to text and QR code.
Until May 31 the site was home to Pemberton Market, a family-owned liquor and convenience store that was merged into the Pemberton Farms garden center and gourmet shop across the street. “Depending on how long you’ve lived here, you may remember this location as the White Hen Pantry, the Bread & Butter Konvenience or the temporarily relocated Pemberton Market,” Newman wrote on a LiveJournal blog, recalling the move-out. “By the way, 7-Eleven bought the entire White Hen chain a couple of years ago.”
“I’d love to see another 24-hour convenience store move in,” Newman said nearly a year ago.
This site would not only replace a convenience store with a convenience store; it would essentially move one from 40 JFK St., Harvard Square — closing in the fall and being replaced by a Tasty Burger restaurant — to up the road toward Somerville and Arlington.
Potential franchisees will need to have between $70,000 and $150,000 just to talk to the company, according to online accounts, even in the model the company is pursuing in North Cambridge: owning or leasing the building and equipment, then leasing operations to a franchisee. As BusinessMart describes it:
Because 7-Eleven bases the franchise fee entirely on the gross profits of the individual store, the fee can vary significantly, but here are the guidelines. Calculations range between 5 percent and on up to 30 percent of the gross profit dollar volume, over a period of any 12 rolling months. Unlike most franchises, there is no net worth requirement, but the total investment will run between $228,000 and $866,000, which is much lower than the $1 million to 2 million reported on most franchise websites. 7 Eleven provides six weeks of training at a local training center and offers assistance with payroll, inventory and advertising.
Since launching in 1927, the 7-Eleven chain has grown to 46,000 stores, according to the company website.