Reliance Retail to introduce 7-Eleven convenience stores in India
Reliance Industries (RIL) on Thursday proclaimed that its subsidiary Reliance Retail Ventures Limited will launch 7-Eleven Convenience stores in India. Reliance Retail's subsidiary has entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of its convenience stores in India.
“The first 7-Eleven store is set to open on Saturday, October 9 in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with," RIL informed in an exchange filing.
Mukesh Ambani-led RIL further informed that the 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies along with refill of daily essentials.
“SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India, including bringing best in class processes and practices," RIL's retail arm stated.
This comes two days after Future Group-owned Future Retail Limited on Tuesday had proclaimed the execution of termination of Master Franchise Agreement with 7-Eleven after over 2 years of plans to operate stores in India. The agreement fell through as the Future-7 “was not able to meet the target of opening stores and payment of franchisee fees."
Future Retail in 2019 had inked a master franchise agreement with 7-Eleven to develop and operate convenience stores in India. It had then proposed to open its maiden store in India in early 2020, though no store was eventually opened.
US-based 7-Eleven operates, franchises and licenses more than 77,000 stores in 18 countries, and works as a chain of convenience stores offering packaged foods, beverages, personal care products, and other daily use goods.