Reliance Retail Ventures Limited (RRVL) on Thursday said it has entered into a Master Franchise agreement with 7-Eleven to run convenience stores in India.
The first 7-Eleven store is set to open on Saturday, in Andheri East, Mumbai, RRVL, the retail arm of Reliance Industries Ltd, said.
”RRVL, through its wholly-owned subsidiary, 7-India Convenience Retail Limited, has entered into a master franchise agreement with 7-Eleven, Inc (SEI) for the launch of 7-Eleven convenience stores in India,” said a joint statement.
This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with, a Reliance statement said.
The development comes two days after Kishore Biyani-led Future Group firm Future Retail said that it has terminated its franchise agreement with the Dallas, US-based convenience stores operator brand 7-Eleven to operate the stores.
The Kishore-Biyani-led firm had entered into an agreement with 7-Eleven for operating stores under the brand name in India on February 28, 2019.
With the launch of 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,” said RRVL.
A rapid expansion plan is on the anvil, and SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India, including bringing best-in-class processes and practices.
Commenting on the development, RRVL Director Isha Ambani said: ”At Reliance, we pride ourselves in offering the best to our customers and we are proud to bring 7-Eleven, the globally trusted convenience store, to India.
”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 neighborhoods,” Ambani said.
SEI President and Chief Executive Officer Joe 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.
SEI, which is based in Irving, Texas, operates, franchises, and/or licenses more than 77,000 stores in 18 countries and regions, including 16,000 in North America.
In addition to 7-Eleven stores, SEI operates and franchises Speedway, Stripes, Laredo Taco Company, and Raise the Roost. (PTI)