Reliance Retail to launch 7-Eleven stores in India
Reliance Retail Ventures (RRVL) has signed a master franchise agreement with 7-Eleven Inc to introduce the well-known convenience store format in India. 7-Eleven had originally signed a deal with Biyani’s Future Retail which was torn up earlier this week.
RRVL has signed the deal through 7-Eleven’s wholly-owned subsidiary 7-India Convenience Retail Ltd.
The first store opens in Andheri East in Mumbai on Saturday and the format will be rolled out rapidly across Greater Mumbai before it is taken to other regions in the country.
“We are proud to bring 7-Eleven, the globally trusted convenience store, to India,” said Isha Ambani, director, Reliance Retail Ventures Ltd.
“7-Eleven is among the most iconic global brands in the convenience retail landscape. The new pathways we build together with them will offer Indian customers greater convenience and choices within their own neighbourhoods.”
The Ambanis are locked in a bitter court battle with Amazon.com Inc for the assets of Future Retail. Reliance Retail did not provide financial details of the scheme.
Earlier this week, troubled supermarket operator Future Retail announced the termination of an agreement with 7-Eleven Inc to develop and operate the US firm’s round-the-clock convenience stores in India. The February 2019 pact was terminated by mutual consent after indebted Future Retail was unable to open the brand’s stores or pay franchise fees.
Future Group had last year agreed to sell its retail assets to Reliance but the deal has been legally challenged by Amazon.
7-Eleven will add to the expansion spree of Reliance, which already has about 13,000 stores across the country.
“Reliance Retail Ventures Ltd (RRVL), through its wholly-owned subsidiary, 7-India Convenience Retail Ltd, has entered into a master franchise agreement with 7-Eleven Inc (SEI) for the launch of 7-Eleven convenience stores in India,” the statement said.
With the launch of the 7-Eleven stores, RRVL as the country’s largest retailer takes a step further in its journey of offering a superior shopping experience and compelling value proposition for Indian customers.
“The 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies specifically curated to appeal to local tastes, along with a refill of daily essentials, having affordability and hygiene at its very core,” the RRVL said.
A rapid expansion plan is on the anvil, and 7-Eleven will also support RRVL in implementing and localising the unique 7-Eleven convenience retail business model for India, including bringing best-in-class processes and practices.
DePinto said, “Our strategic relationship with Reliance Retail Ventures will bring 7-Eleven's brand of convenient products and services to millions of Indian consumers starting in the city of Mumbai.”
RRVL is a subsidiary of Reliance Industries Limited and the holding company of all the retail companies under the RIL Group. It had reported a consolidated turnover of Rs 1,57,629 crore for the year ended March 31, 2021. 7-Eleven, which is based in Irving, Texas, operates, franchises and/or licenses for more than 77,000 stores in 18 countries and regions, including 16,000 in North America.
In addition to 7-Eleven stores, 7-Eleven operates and franchises Speedway, Stripes, Laredo Taco Company and Raise the Roost.