The Reliance Industries Limited (RIL) on Thursday announced that it has entered into a master franchise agreement with 7-Eleven, Inc (SEI) to open convenience stores across India.
According to an official statement, the first 7-Eleven store is set to open on October 9 in the Andheri East area of Mumbai. This will be followed by a rapid rollout in key neighbourhoods and commercial areas across the Greater Mumbai cluster.
With the launch of these stores, Reliance Retail Ventures Limited (RRVL) proposes to offer a superior shopping experience and compelling value proposition to the Indian customers which offers a range of specially curated drinks, snacks and dishes to suit local tastes. Along with refills of regular required items, it has affordability and cleanliness at its core.
SEI will also support RRVL in implementing and localizing the unique 7-Eleven facility retail business model for India, which includes bringing best in class processes and practices.
Isha Ambani, Director, RRVL while praising the 7-Eleven said that it's a trusted convenience store and is a global brand in the retail landscape.
''One of the most coveted features is the new avenues we create with SEI, will provide Indian customers with more convenience and choice in their own neighbourhoods," said Isha Ambani, Director, RRVL.
Speaking on the occasion, Joe DePinto, President and CEO, SEI said that India is one of the fastest growing economies and this is an ideal time for the world's biggest comfort retailer to enter India.
According to report in Economic Times, 7-Eleven is a Japanese company whose headquarter is in America and it was established in 1927. Asian countries account for about a third of the company's total sales.
The company has already sets it foots in countries like America, Mexico, Japan, China and UAE. The company was earlier known as Totem Store before changing its name to 7-Eleven in 1946. The logic behind the name is that its stores were open from 7 am to 11 pm. Though its stores started opening 24 hours still the company retained its name of 7-Eleven.
In 2007, 7-Eleven surpassed McDonald's in terms of number of stores. It currently has 20,000 more stores than McDonald's. Japan is the largest market for the company where it has more than 20,000 stores.
Following the announcement, the Reliance share saw an increase of 1.5 percent and on October 7, 2021, at 11.01 am, RIL shares were trading at Rs 2,578.60, up 7 per cent.
Shares of RIL have gained 22 per cent in the last three months and have given returns of 148 per cent in the last three years. The company's stock is just 1.71 per cent away from its 52-week high of Rs 2,623.
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