World's largest convenience retailer signs franchise deal with Future Retail Ltd
7-Eleven, the world's largest convenience retailer with more than 67,000 stores worldwide, is set to make an entry into the lucrative India market.
The Texas-based convenience retailer has signed a master franchise agreement with SHME Food Brands, a subsidiary of the Kishore Biyani-promoted Future Retail Ltd to develop and operate 7-Eleven stores within India.
The first 7-Eleven convenience store in India is expected to open this year.
7-Eleven Inc is among the most iconic global brands in the food retail landscape, which include brands such as Slurpee, Big Bite and Big Gulp.
The board of Future Retail Limited approved execution of master franchise agreement by its subsidiary SHME Food Brands Private Limited with 7-Eleven.
The new master franchisee plans to build 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand.
7-Eleven stores currently operate in 17 countries world-wide including the US, UAE, Canada, Mexico, Japan, Singapore and China.
7-Eleven's entry into the country will modernize the small-retail environment and bring greater convenience to shoppers, a company statement said.
“Internationally popular products, beverages, snacks and immediately consumable fresh foods with recipes developed for local tastes will be part of the initial convenience offering,” the 7-Eleven Inc statement said.
“We are proud to bring this globally trusted convenience store to India and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood," said Kishore Biyani, founder and group CEO, Future Group.
Future group currently offers more than 80 brands across fashion, footwear, FMCG, food and homeware segments that contribute almost half of its sales through the retail chains forming part of its network.
The group’s retail chain network in India includes Big Bazaar, Central, EasyDay, Foodhall, Brand Factory, Nilgiris, Heritage Fresh, fbb and WH Smith.