Reliance all set to launch first 7-Eleven store in India this week
By Sanjay Maurya
News Highlights
- Reliance announced on 7th September that it has signed a franchise agreement with 7-Eleven Inc to open convenience stores in India.
- The first 7-Eleven store will open in Andheri East, Mumbai, on Saturday, October 9, 2021.
- In 2021, RRVL a subsidiary of Reliance had a consolidated turnover of INR 1.57 lakh crore and a net profit of INR 5,481 crore.
The retail teammate of Reliance Industries announced on 7th September that it has signed a franchise MOU with 7-Eleven Inc to open convenience stores in India, only days after Future Retail Ltd canceled its arrangement with the American brand. Its further revels that the first 7-Eleven store will open in Andheri East, Mumbai, on Saturday, October 9, 2021. This would be followed by a rapid deployment in major neighborhoods and commercial areas, initially across the Greater Mumbai cluster, RIL said in a filing with the stock exchange.
Reliance announced that 7-Eleven stores strive to provide shoppers with a distinct type of convenience by offering a variety of beverages, snacks, and delicacies, as well as refilling daily needs. February 2019, the Kishore Biyani-led Future Retail signed a deal with 7-Eleven Inc to operate outlets under the brand name in India.
RRVL, as the country’s largest retailer, takes a step further in its quest of giving a superior shopping experience and attractive value proposition for Indian customers with the inauguration of 7-Eleven outlets,” a Reliance statement said.
With a rapid expansion strategy in the works, the company expects to be a substantial contribution to local employment and the development of a convenient food eco-system, according to the company. 7-Eleven will also assist RRVL in implementing and localizing the 7-Eleven convenience retail business model for India, as well as introducing its processes and practices to the country.
For the fiscal year ended March 31, 2021, RRVL, a subsidiary of Reliance Industries Ltd, had a consolidated turnover of INR 1.57 lakh crore ($ 21.6 billion) and a net profit of INR 5,481 crore ($750 million). In Deloitte’s Global Powers of Retailing 2021 index, it was named one of the world’s fastest-growing retailers.
At Reliance, we take pride in providing the best to our customers, and we are excited to bring 7-Eleven, the world’s most trusted convenience store, to India, said Isha Ambani, Director, Reliance Retail Ventures Ltd. She added that the new SEI paths will provide Indian customers with more convenience and options in their neighborhoods.
Starting in the city of Mumbai, our partnership with Reliance Retail Ventures will offer 7-Eleven’s brand of convenient products and services to millions of Indian consumers, said SEI President Joe DePinto.
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