iNDICA NEWS BUREAU-
The US-based convenience store, 7-Eleven is all set to open its doors to Indian cities from this month onwards. The first store is will be coming up at Andheri East, Mumbai, on October 9.
The Reliance Retail Ventures (RRVL), will be the Indian holder who is bringing the US store. Following this, there will be a “rapid rollout” of the stores across key neighborhoods and commercial neighborhoods in Greater Mumbai.
“Reliance Retail Ventures Limited (“RRVL”), through its wholly-owned subsidiary, 7-India Convenience Retail Limited, has entered into a master franchise agreement with 7-Eleven, Inc. (“SEI”) for the launch of 7-Eleven convenience stores in India,” RRVL said in a statement.
RRVL’s announcement comes days after Future Group said it had terminated its agreement with 7-Eleven Inc, citing the inability to “meet the target of opening stores and payment of franchise fees”.
Shares of Reliance Industries rose more than 1 percent after the news of the agreement with 7-Eleven Inc.
Isha Ambani, Director, RRVL, said, “At Reliance, we pride ourselves in offering the best to our customers and we are proud to bring 7-Eleven, the globally trusted convenience store, to India. 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 neighborhoods.”
“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.