Reliance Retail Ventures Limited has entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of 7-Eleven convenience stores in India.
The first 7-Eleven store is set to open on Saturday in Andheri East, Mumbai. This will be followed by a rapid roll out in key neighbourhoods and commercial areas across the Greater Mumbai cluster to start with.
Isha Ambani, Director, Reliance Retail Ventures Limited, said: “7-Eleven is among the most iconic global brands in the convenience retail landscape. The new pathways we build together with SEI will offer Indian customers greater convenience and choices within their own neighbourhoods.”
“India is the second largest country in the world and has one of the fastest-growing economies. It’s an ideal time for the largest convenience retailer in the world to make our entry into India” said SEI President and Chief Executive Officer Joe DePinto.
Deal with Future
SEI had earlier entered into an agreement with Future Retail which was called off recently. On Wednesday, BusinessLine had reported that SEI is still keen on entering the Indian market. “7-Eleven remains confident in the Indian market and hopes to enter the market in the near future,” a spokesperson for 7-Eleven, Inc had told this newspaper after scrapping the deal with Future Retail.
Industry experts said that the agreement between Reliance and 7-Eleven was expected because Reliance is already looking to acquire Future Retail.
“If the Reliance Future Retail deal had happened on time then the 7-Eleven agreement would have transferred to Reliance in any case.
“The fact the first 7-Eleven store is being opened within 2 days of calling of the deal with Future indicates that Reliance and 7-Eleven were already thinking about a plan-B,” said an industry expert.
The Reliance-Future Retail agreement was announced last year but it has hit a roadblock with Amazon challenging the ₹25,000-crore deal.