World's largest convenience retailer 7-Eleven is set to foray into India after signing a franchise agreement with India's retail major Future Retail on Thursday. As per the agreement, 7-Eleven will develop and operate its stores within India with the first store expected to open in 2019.
"The first 7-Eleven convenience store in India is expected to open in 2019. The new master franchisee plans to build 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand," the two companies said in a joint statement.
Future Group said that 7-Eleven entry in India will modernise and streamline the small-retail environment and bring greater convenience to shoppers. The company said that internationally popular products, beverages, snacks and immediately consumable fresh foods with recipes developed for local tastes will be part of the initial convenience offering
"7-Eleven 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," said Future Group Founder and Group CEO Kishore Biyani said.
The statement further stated that 7-Eleven will help and support Future Retail to implement and localise the the unique 7-Eleven business model in the country. With this development India will be the newest country or region, the 7-Eleven stores will operate in.
7-Eleven currently operates in more than 67,000 stores world over and is present in countries such as 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.
(With inputs from agency)