Future Retail has announced that its subsidiary has signed an agreement with 7-Eleven, Inc., the world’s largest convenience retailer with more than 67,000 stores worldwide to develop and operate 7-Eleven stores within India.
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 expansion marks the company’s first entry into India and the first 7-Eleven convenience store in India is expected to open in 2019. 7-Eleven’s entry into the country will modernize 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, Inc. is among the most iconic global brands in the food retail landscape. We are proud to bring globally trusted convenience store to India and build new pathways together which will offer Indian customers greater convenience and choices, within their own neighbourhood,” said Kishore Biyani, Founder & Group CEO, Future Group.
“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.
7-Eleven operates, franchises and/or licenses more than 67,000 stores in 17 countries,including 11,800 in North America. 7-Eleven will support Future Retail Ltd to implement and localize the unique 7-Eleven business model. 7-Eleven offers customers industry-leading private brand products under the 7-Select brand including healthy options, decadent treats and everyday favorites, at an outstanding value.
Future Group 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.