The world’s largest chain of convenience stores, 7-Eleven is all ready to make its debut in India this year in partnership with Kishore Biyani’s Future Group to root-up in one of the fastest-growing economies of world.
Being Asia’s third-largest economy, India is becoming a hotbed for international companies making entries in the country. Recent launches includes the Swedish IKEA, entry of KIA Motors among many others – and the latest addition in the list will be world’s largest convenience store change: 7-Eleven. A Mumbai-based firm called Future Retail owned by Kishor Biyani’s Future Group announced on Thursday that they have signed a master franchise agreement with Japanese owned 7-Eleven Inc. through its subsidiary SHME Food Brands and start up the stores in India.
Known as one of the most iconic global brands, especially in food retail landscape with over 67,000 stores the world over – 7-Eleven is now ready to become the 18th entrée in the sector and tap over 3 billion Indian customers with its iconic products. Although Biyani has not given out details about the merger, it was mentioned that the stores could open up within next few months, starting with Mumbai first. And the Japanese convenience store chain will be the part of Future Groups existing 1,444 stores in 409 cities all over India – retailing food and grocery products.
As per the agreement, 7-Eleven will aid Future Retail to implement and localise more with its the unique business model; while Future Group will add new stores and convert some of its existing ones to 7-Elevens. Hence, the new stores are most likely to adapt the signature small-format that stocks an assortment of fresh and packaged foods, beverages and items of daily use – a competition to existing retailers like Reliance Fresh, Walmart, etc. The target for both companies together will be to generate total revenues of $1 billion over the next 7-8 years from India.