Reliance Retail to open 7-Eleven outlets in India – The Journal
The 7-Eleven Empire arrives in India
NEW DELHI (AP) – The 7-Eleven Empire is coming to India.
Indian firm Reliance Retail Ventures has entered into a franchise agreement with 7-Eleven, Inc., to launch convenience stores in the second most populous country, the company said Thursday.
The stores will first be launched in the financial center of Mumbai. Indian media reported that the first store is expected to open in a few days.
Earlier this week, Indian rival Future Retail ended its 2-year deal with Dallas, Texas-based 7-Eleven to grow the franchise.
Reliance, India’s largest retailer, said in a statement that stores will offer the usual range of drinks, snacks and other items chosen to meet local tastes, with “affordability and hygiene at the core” . He did not say if the stores would sell the famous 7-Eleven Slurpees.
“India is the second largest country in the world and has one of the fastest growing economies,” 7-Eleven President and CEO Joe DePinto said in a statement. âNow is the perfect time for the world’s largest convenience retailer to enter India.
Japanese company Seven & i Holdings is the parent company of 7-Eleven Inc., and it quickly expanded its network of bright green, orange, red and white â7â signs across Asia, where convenience stores have been operating. replaced traditional grocery stores in Asia. many neighborhoods.
Stores tailor their fast food and fast food options to local tastes, offering steamed pork buns in Shanghai, for example, and âodenâ stewed fish paste in Japan.
In India, 7-Eleven will compete with local channels like Twenty Four Seven and In & Out.
The advent of Western-style convenience stores may not be welcomed by all – comments on Twitter suggest some Indians fear it is accelerating the decline of mom-and-pop retailers.
But the idea might appeal to shoppers craving a late-night snack or an early morning food haul.
Reliance Retail is part of the Reliance Industries conglomerate which covers a wide range of businesses.
7-Eleven says it operates, franchises or licenses more than 77,000 stores in 18 countries and regions, about a fifth of which are in North America. It recently announced its intention to expand into Laos and Cambodia.