One of the world’s largest convenience retailers 7-Eleven is set to foray in to India, having signed a master franchise agreement with a subsidiary of Future Retail to develop and operate 7-Eleven stores within India. The first 7-Eleven convenience store in India is expected to open in 2019.
Future Retail, which is owned by retail behemoth Kishore Biyani’s Future Group will build several new 7-Eleven stores while also converting some of its existing locations to the 7-Eleven brand.
Internationally popular products, beverages, snacks and immediately consumable fresh foods with recipes developed for local tastes will be part of the initial convenience offering, Future Retail said in a statement.
“7-Eleven, Inc. is among the most iconic global brands in the food retail landscape. We are proud to bring this globally trusted convenience store to India and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood,” Kishore Biyani, Founder and Group CEO of Future Group said.
7-Eleven will support Future Retail in implementing and localising the unique 7-Eleven business model.
“This strategic relationship offers an excellent opportunity to bring 7-Eleven’s brand of convenience and its iconic products to the Indian consumer,” added 7-Eleven, Inc. SVP and Head of International Ken Wakabayashi.
With this foray, India will be the 18th country for 7-Eleven, which currently operates, franchises and/or licenses more than 67,000 stores in 17 countries including the United States, Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China, Hong Kong, Macau, The Philippines, Australia, Singapore, Malaysia, Viet Nam, United Arab Emirates, Norway, Sweden and Denmark. It has several popular brands such as Slurpee, Big Bite, Big Gulp and 7-Select.
Future Group, on its part, offers more than 80 brands in fashion, footwear, FMCG, food and homeware segments that contribute almost half of its sales through the retail chains forming part of its network. Big Bazaar, Central, EasyDay, Foodhall, Brand Factory, Nilgiris, Heritage Fresh, fbb and WH Smith in India are owned and operated by the organizations within Future Group and these collectively attract over 500 million customers visits annually.