Reliance Retail to soon open 7-Eleven convenience stores across India
Category: #headline  By Akshay Kedari  Date: 2021-10-08
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Reliance Retail to soon open 7-Eleven convenience stores across India

The retail arm of Reliance Industries, Reliance Retail Ventures Limited (RRVL), has recently signed an agreement with U.S.-based multinational chain 7-Eleven, Inc. for opening 7-Eleven stores in India via its fully owned subsidiary, 7-India Convenience Retail Ltd.

The first 7-Eleven store will open in Andheri East, Mumbai on October 9. After this, stores will be launched rapidly across important commercial neighborhoods in Greater Mumbai.

RRVL made this announcement after Future Group terminated its agreement with 7-Eleven Inc. as it was unable to achieve the target of opening stores and paying franchise fees.

In 2019, Future Retail, India's second-largest retailer, which has over 1700 stores, including the well-known Big Bazaar supermarkets, and local chains Nilgiris and Food Hall, had mentioned that it plans to launch 7-Eleven stores afresh and convert some of its present operations into the U.S. brand.

Director of RRVL, Isha Ambani, expressed that at Reliance they pride themselves in offering the best to customers and that they are proud to bring 7-Eleven, the most trusted convenience store, to India. 7-Eleven is among the most iconic brands in the convenience retail landscape worldwide. The new pathways being built together will offer greater convenience and choices to Indian customers within their neighborhoods.

President and CEO of 7-Eleven Inc., Joe DePinto, mentioned that India is the second-largest country and one of the fastest-growing economies in the world. It’s the right time for the largest convenience retailer in the world to make its entry into India.

The deal will help expand the Reliance Group’s retail and e-commerce businesses and strengthen its position in the market, cited sources with relevant information. 

Following the development, Reliance's shares increased 1.22% in morning trade, while Future Retail stock rose by 3.7% in a strong market.

Source Credits:

https://www.moneycontrol.com/news/business/reliance-retail-to-launch-7-eleven-stores-in-india-7553081.html

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Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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