The world’s largest convenience store chain, 7-Eleven, on Thursday signed a master franchise agreement with Kishore Biyani’s Future Group, which will open and manage the former’s brand stores in the country.
Future Retail’s subsidiary SHME Food Brands will open new stores as well as convert existing locations to the 7-Eleven brand, beginning this year. With over 67,000 stores worldwide, this partnership with Future Retail marks 7-Eleven’s first entry into the country.
Kishore Biyani, founder & group CEO, Future Group, said the maiden store will be opened in Mumbai, where the enterprise is headquartered.
The Japanese-owned, US-headquartered 7-Eleven generates almost a third of its sales in the Asian countries.
“7-Eleven Inc is among the most iconic global brands in the food retail landscape. 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,” Biyani said in a statement.
He said the 7-Eleven convenience store is all “about offering fresh foods, lot of category around beverages, chocolates, confectionary, ice-creams, tobacco”. With cafe also being part of the stores, breakfast, lunch and dinner will be in the offing for customers at affordable prices, Biyani added.
Through this partnership, the strategy is to leverage India’s growing young population that seeks convenience, Biyani said that it is distinct from Future Group’s small-store strategy which focuses on adding more members. “This (7-Eleven) is a different strategy, it is a convenience store. The category overlap is very minimal. This (7-Eleven) is more about fresh food and that (Easyday and Nilgiris) is more about ingredients which goes into your homes. That (Easyday and Nilgiris) sells grocery, home and personal care. This (7-Eleven) store does not sell,” Biyani said. —FE