RIL's Reliance Retail Ventures Ltd (RRVL) will launch 7-Eleven convenience stores in India, it said on Thursday
RIL’s Reliance Retail Ventures Ltd (RRVL) will launch 7-Eleven convenience stores in India, it said on Thursday. Mukesh Ambani’s company has entered into a master franchise agreement with 7-Eleven, Inc, and the first 7-Eleven store is scheduled to open on Saturday, 9 October 2021, in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with. This comes a day after the Future Retail and Texas-based convenience store chain, 7-Eleven decided to mutually terminate their franchise agreement as the Kishore Biyani company failed to meet the target of opening stores and payment of franchise fees.
The 7-Eleven stores will offer a range of beverages, snacks, and delicacies that will appeal to local tastes, along with daily essentials. With a rapid expansion plan on the anvil, the company is expected to be a significant contributor to local employment and building the eco-system for convenient foods. SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India.
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RRVL, a subsidiary of Reliance Industries Ltd, reported a consolidated turnover of Rs 1.57 lakh crore ($ 21.6 billion) and a net profit of Rs 5,481 crore ($ 750 million) for the year ended March 31, 2021. It has been listed among the fastest-growing retailers in the world in Deloitte’s Global Powers of Retailing 2021 index. “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,” Isha Ambani, Director, Reliance Retail Ventures Ltd, said. She added that the new pathways with SEI will offer Indian customers greater convenience and choices within their own neighborhoods.
The 7-Eleven is known for its iconic brands such as Slurpee, Big Bite, and Big Gulp, and has expanded into high-quality sandwiches, salads, side dishes, cut fruit, and protein boxes. “It’s an ideal time for the largest convenience retailer in the world to make our entry into India,” SEI President and Chief Executive Officer Joe DePinto, said. Pinto added saying that the 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.
It may be noted that on Wednesday, Future Retail in a statement to the stock exchanges, said that no financial or business impact on the company is expected as the arrangement was at the subsidiary company level. Last year in August, the Future Group announced to merge all the group’s listed companies into Future Enterprises and then sell the underlying businesses and debt to Reliance Retail for a total consideration of Rs 24,700 crore.