Reliance to bring 7-Eleven convenience stores in India
7-Eleven Inc signed an agreement with Reliance Retail Ventures to launch convenience stores in India
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Mumbai, October 7: Dallas-based 7-Eleven Inc / SEI, signed an agreement with Reliance Retail Ventures / RRV to launch the convenience stores in India, just days after Future Retail Ltd ended their deal with this US chain.
SEI President and Chief Executive Officer, Joe DePinto, said, “India is the second largest country in the world and has one of the fastest-growing economies. It’s an ideal time for the largest convenience retailer in the world to make our entry into India.”
The first 7-Eleven store is about to open on Saturday in the Andheri locality of Mumbai, said RRV said in a statement. It will then be rolling out more stores in neighbourhoods and commercial areas in the Greater Mumbai.
Isha Ambani, director at Reliance Retail Ventures Limited, 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.”
SEI President and Chief Executive Officer, Joe DePinto, said, “India is the second largest country in the world and has one of the fastest-growing economies. It’s an ideal time for the largest convenience retailer in the world to make our entry into India.”
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Earlier this week, Future Retail said that their agreement with 7-Eleven Inc, to develop and operate the US firm's round-the-clock convenience stores in India, got terminated mutually as both the companies could not meet the targets for opening the stores and the franchisee-fee payments.
Future Group had agreed to sell its retail assets to Reliance, but the deal hit a block after Amazon.com challenged it. Future Group has said it would bear the "unimaginable" damages if the transaction doesn't end up going through.