Future Retail Ltd, part of the Kishore Biyani-led Future Group, has signed a master franchise agreement with US-headquartered 7-Eleven Inc to operate the Indian stores of the world′s largest convenience store chain.
SHME Food Brands, a subsidiary of Future Retail, will open the first Indian stores under the 7-Eleven brand starting this year. It will also re-brand some of its existing stores, it said in a stock-exchange filing.
As per the agreement, 7-Eleven will initially sell beverages, snacks and immediately consumable fresh foods among other products. It will join the ranks of US retail giants such as Walmart and Amazon in building an Indian presence. Kishore Biyani, founder and group chief executive officer, Future Group, 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.”
Ken Wakabayashi, senior vice president at 7-Eleven, said: "This strategic relationship offers an excellent opportunity to bring 7-Eleven′s brand of convenience and its iconic products to the Indian consumer.” 7-Eleven is owned by Japan′s Seven & i Holdings. It operates over 67,000 stores in 17 countries including the US, Canada, Mexico, Japan, Thailand, South Korea, Taiwan and China.