MUMBAI: 7-Eleven, the world’s largest convenience store chain, has signed a master franchise agreement with Future Group that will open and manage the eponymous brand stores in India, one of the fastest-growing retail markets.
Future Retail’s subsidiary SHME Food Brands will open newer stores as well as convert existing locations to the 7-Eleven brand, starting this year. The retailer that has nearly 67,000 stores world over including 7-Eleven among other retail formats, said products mainly in beverages, snacks and fresh foods with local recipes will be part of the initial convenience offering.
“This strategic relationship offers an excellent opportunity to bring 7-Eleven’s brand of convenience and its iconic products to the Indian consumer,” 7-Eleven Inc. International Head Ken Wakabayashi, said. “7-Eleven will support Future Retail Ltd to implement and localize the unique 7-Eleven business model,” he added in the statement.
The Japanese-owned, US-headquartered 7-Eleven generates nearly a third of its sales in the Asian country. The Future Group’s latest move will be pitched against round-the-clock convenience store chain Twenty Four Seven, promoted by Modi Entreprises and In & Out, which is run by state-owned Bharat Petroleum Corp. Ltd.
“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 build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood,” said Kishore Biyani, founder of Future Group, which runs 1,444 stores in 409 cities, and generates most of its revenue from food and grocery retailing.