Reliance Retail, on Thursday, said that it will launch 7-Eleven convenience stores in India. It added that it has entered into a master franchise agreement with 7-Eleven, Inc. The first 7-Eleven store will open on Saturday in Andheri East, MumbaI.
This development comes after Future Retail announced on Tuesday that it has mutually terminated the deal signed with 7-Eleven Inc in February 2019 to develop and operate 7-Eleven stores in the country. In an exchange filing, Future Retail had disclosed that the agreement was terminated with mutual consent as Future7-India Convenience Limited, the company’s wholly owned subsidiary was not able to meet the target of opening the stores and paying the franchisee fee.
Reliance stated that Reliance Retail Ventures Limited (RRVL) has entered into a master franchise agreement with 7-Eleven, Inc through its wholly owned subsidiary, 7-India Convenience Retail Limited. Once the first 7-Eleven store is opened in Andheri East on October 9, a rapid rollout in key neighbourhoods and commercial areas across Greater Mumbai will follow.
RRVL is the country’s largest retailer with the launch of the 7-Eleven stores, stated the company. The 7-Eleven stores will offer a range of beverages, snacks, and daily essentials.
Reliance has a rapid expansion plan for 7-Eleven, the company stated. It also expects to be a significant contributor to local employment and revamping the ecosystem for convenient foods. 7-Eleven Inc will support RRVL in implementing and localising the convenience retail business model in the country.
Isha Ambani, Director at Reliance Retail Ventures 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.”
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