7-Eleven Targets Aggressive Expansion in India, Hits 50-Store Milestone

By siliconindia  |  Wednesday, 06 March 2024, 12:03:24 PM IST

7-Eleven Targets Aggressive Expansion in India, Hits 50-Store Milestone
Convenience store giant 7-Eleven is poised for aggressive expansion in India after reaching a significant milestone of 50 stores in the country. The US-headquartered chain, owned by Japan's Seven and I Holdings, plans to double its store count and extend its presence to more cities over the next few years. The 50th store, inaugurated at the World Trade Centre in Kharadi, Pune, marks a pivotal moment in 7-Eleven India's quest to become the preferred brand for customers' convenience needs.
7-Eleven India aims to achieve the 100-store mark in the coming years, with a focus on catering to the evolving preferences of young consumers. The convenience store chain is known for offering a diverse product range, covering daily essentials and expanding into fresh food offerings such as pizza, burgers, sandwiches, and coffee. The company's spokesperson emphasized the importance of this milestone and the brand's commitment to meeting the convenience demands of customers.
In a recent LinkedIn post, Hardeep Singh, CEO of 7-Eleven India, expressed the company's dedication to growth in the Indian market. Singh highlighted the team's focus and hard work as key contributors to achieving rapid expansion goals, while reiterating the commitment to providing an exceptional customer experience.
Globally, 7-Eleven stands as one of the largest convenience store chains, boasting 85,000 stores across 20 countries. With nearly a third of its $81-billion revenue generated from Asian markets, the company has been eyeing a more significant presence in India. The expansion plans align with industry experts' observations, anticipating a growing role for modern convenience store formats in the Indian retail landscape.
While India currently has a few local players in the modern convenience format, including Twenty Four Seven and J-Mart, the market is primarily dominated by mom-and-pop stores or kirana shops, with over 12 million estimated across the country. The modern convenience store concept gains traction where footfall density is high and consumption is on-the-go, especially in urban areas, according to Harminder Sahni, founder and MD of consultancy firm Wazir Advisors.
Originally founded in Dallas, Texas, in 1927, 7-Eleven has evolved into a global retail giant. Seven and I Holdings took over the company over three decades ago, operating stores worldwide through Seven-Eleven Japan. The chain's one-stop convenience model offers consumers ready-to-eat food, beverages, and daily essentials at affordable prices. After terminating its master franchise agreement with Future Group in October 2021, 7-Eleven entered into a new agreement with Reliance Retail to spearhead its expansion in the Indian market.

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