Mukesh Ambani's Reliance Retail To Launch 7-Eleven Convenience Stores In India

Reliance Retail said in a statement said the first 7-Eleven store will open in Mumbai on October 9.

New Delhi: Business tycoon Mukesh Ambani’s Reliance Retail will launch 7-Eleven convenience stores in India.

Reliance Retail said in a statement said the first 7-Eleven store will open in Mumbai on October 9.

READ: Mukesh Ambani Retains Top Spot In The Forbes India Rich List 2021, Adani Close Second

“Reliance Retail Ventures Ltd (RRVL), through its wholly-owned subsidiary, 7-India Convenience Retail Ltd, has entered into a master franchise agreement with 7-Eleven Inc (SEI) for the launch of 7-Eleven convenience stores in India,” as per the statement, PTI reported.

Reliance Retail, which did not provide financial details, added this will be followed by a further “rapid rollout”.

The launch of 7-Eleven convenience stores will add to the expansion spree of Reliance, which already has about 13,000 stores across the country.

Reliance Retail Ventures Ltd, with the launch of 7-Eleven stores, takes a step further in its journey of offering a superior shopping experience and compelling value proposition for Indian customers.

Reliance Retail Ventures Ltd said the “7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies specifically curated to appeal to local tastes, along with a refill of daily essentials, having affordability and hygiene at its very core”.

SEI will also support Reliance Retail Ventures Ltd in implementing and localising the unique 7-Eleven convenience retail business model for India, including bringing best-in-class processes and practices.

7-Eleven’s president and Chief Executive Officer (CEO) 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,” he added in a statement.

DePinto further 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.”

Reliance Retail Ventures Ltd Director Isha Ambani commenting on the development said “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 own neighborhoods,”Ambani 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,” she added.

Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Limited and the holding company of all the retail companies under the RIL Group, had reported a consolidated turnover of Rs 1,57,629 crore for the year ended March 31, 2021.

Based in Irving, Texas, SEI, operates, franchises and/or licenses over 77,000 stores in 18 countries and regions, including 16,000 in North America.

SEI operates and franchises Speedway, Stripes, Laredo Taco Company and Raise the Roost in addition to 7-Eleven stores.

This move, which will add to Reliance’s burgeoning retail empire, comes days after Future Retail ended its deal with the US chain.

Future Retail had earlier this week announced the termination of an agreement with 7-Eleven Inc to develop and operate the US firm’s round-the-clock convenience stores in India.

The pact signed in February 2019 was terminated by mutual consent after Future Retail was unable to open the brand’s stores or pay franchise fees.

Earlier in 2020, Future Group had agreed to sell its retail assets to Reliance but the deal has been challenged legally by Amazon.