Reliance Retail Ventures Limited (RRVL) announced that the first 7-Eleven shop would open on October 9 in Mumbai's Andheri East neighbourhood.
Reliance Industries Limited's (RIL) retail arm has stated that it has entered into a franchise deal with US-based 7-Eleven Inc (SEI) to open convenience outlets in India. Reliance Retail Ventures Limited (RRVL) announced that the first 7-Eleven shop would open on October 9 in Mumbai's Andheri East neighbourhood. This will be followed by a quick deployment in important communities and business districts throughout the Greater Mumbai region, according to a press statement from the firm.
"With the introduction of 7-Eleven shops, RRVL, the country's largest retailer, goes a step further in its path of providing a superior shopping experience and appealing value proposition for Indian customers," according to a news statement from RRVL. The 7-Eleven outlets will sell a variety of beverages, snacks, and delicacies, as well as everyday necessities. The businesses are anticipated to increase local employment and provide an environment for clients to acquire daily food necessities easily. RRVL's statement comes after Future Retail cancelled its deal with 7-Eleven due to the businesses' inability to achieve "opening store and franchisee fee objectives."
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"7-Eleven is one of the most famous worldwide brands in the convenience retail sector," stated Isha Ambani, Director of Reliance Retail Ventures Limited. The additional routes we're constructing with SEI will provide Indian clients with more convenience and options in their neighbourhoods." "It's a great moment for the world's largest convenience store to enter India," said SEI President and Chief Executive Officer Joe DePinto. "Our strategic partnership with Reliance Retail Ventures will deliver 7-Eleven's brand of convenient products and services to millions of Indian consumers, beginning in Mumbai," he said.
The move is part of the strong tycoon's larger plan to capture India's burgeoning structured retail market. At a shareholders' meeting in June, Ambani stated that Reliance is rapidly extending its footprint, adding 1,500 additional outlets last year to a total of almost 13,000 locations. Ambani's flagship company, Reliance Industries, climbed as high as 1.6 per cent on Thursday.
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