Stephen Hayes Dacus, the first foreigner appointed to lead 7-Eleven, expressed confidence on Friday that the Japanese convenience store chain will continue to attract budget-conscious customers, even amid an economic downturn.
Dacus, an American with a Japanese mother, refrained from commenting on the details of various investment plans currently under consideration, including an acquisition proposal by Canada’s Alimentation Couche-Tard. A special company committee, of which he is not a part, is tasked with objectively evaluating these options.
“The process is moving forward very constructively,” stated Dacus, who is presently a director, during a gathering with reporters at the Tokyo headquarters of Seven & i Holdings Co., the operator of 7-Eleven.
His appointment as chief executive requires shareholders’ approval, scheduled for May. Over the past year, shares of Seven & i have increased by more than 2%.
Fluent in both Japanese and English, Dacus aims to cultivate a leadership culture inspired by his experiences at Walmart, Uniqlo, and other retailers. He stated, “If you’re not humble, you’re not listening to your customers. You’re not learning. But if you’re not aggressive, you’ll be outpaced by your competitors.”
Dacus emphasized that the 7-Eleven chain was experiencing global growth. However, the stores vary by country, and his goal is not to replicate the Japanese-style “conbini” everywhere. He suggested that lowering costs could be achieved with an improved supply chain, leveraging the chain’s global presence, while a cheaper product recipe might drive customers away.
“This business in Japan has been built on innovation,” he added.
Although he did not comment on U.S. President Donald Trump’s policies, Dacus acknowledged that consumers are likely to become more cautious with their spending during a slowdown. The key, he noted, is to be the consumers’ top choice, recalling how his mother and Japanese relatives always avoided waste.
“If you want to talk to some tough customers, you go talk to my aunts,” he remarked. “Japanese customers are incredibly demanding. That’s something that really resonates with me and shapes my perspective on retail.”
This story was originally featured on Fortune.com.
