On Thursday, October 7th, Reliance Retail Ventures Limited (RRVL) finally announced that Reliance Retail has decided to enter into a master franchise agreement along with 7-Eleven Inc (SEI). So that they can launch the 7-Eleven convenience stores in India. While announcing, it added that the first 7-Eleven store in India is ready to open on October 9, 2021, Saturday. As per some reports, it is said that the first 7-Eleven Store will be opened in Andheri East, in Mumbai.
The retail giant, Reliance Retail further said that this will be followed by a fast rollout in main neighborhoods and other important commercial areas, and for now, the Greater Mumbai cluster is chosen to start with.
“With this special launch of 7-Eleven stores in India, Reliance Retail Ventures Limited (RRVL) as the country’s largest retailer, has also taken one more step ahead in its journey to offer a great and amazing shopping experience and also to compel value proposition for Indian customers,” said in the RRVL press release.
Talking about the 7-Eleven Store, the convenience store will offer a wide range of beverages, snacks, and other delicacies, and in addition to this, it will also help to provide daily essentials. These 7- Eleven stores are expected to help to boost local employment and will also build a perfect system for all the customers to access daily food essentials conveniently.
Well, this great step which is taken by Reliance Retail comes just a few days after Future Retail, a firm of Future Group, announced that it has terminated its franchise agreement with the US-based convenience stores brand, 7-Eleven Inc, to operate the stores. This franchise agreement was terminated mutually because the companies could not meet franchise fee payments and target for opening convenience stores. According to some sources, it is said that Future Group agreed to sell its retail assets to Reliance, but then this deal hit a block after Amazon.com challenged it. Talking about this, Future has said it would bear “unimaginable” damages and loss if the transaction doesn’t go through.
Future Retail, which is led by Kishore Biyani, initially agreed with 7-Eleven Inc so that it can operate the stores under the brand name in India. As per some reports, this agreement was made in February 2019.
With this opening of the convenience store, Reliance Retail aims for or offering the best experience of shopping for all the customers. Reliance Retail also aims for a boost in local employment and also a perfect ecosystem for providing convenient foods to the people, as they take a step to agree with the US-based convenience store brand.
And in return, 7-Eleven Inc will also extend support to Reliance Retail so that it can implement and localize the unique 7-Eleven convenience retail business model for India. And this also includes bringing its processes and practices to India.
Isha Ambani, the director of Reliance Retail ventures Limited said that “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.”
Joe DePinto, the president and chief executive officer of SEI, 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.” He further said that “It’s an ideal time for the largest convenience retailer in the world to make our entry into India.”
