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Wednesday, May 31, 2023

Reliance Will Launch A 7-eleven Store In This Location…

Mukesh Ambani, Asia’s richest man, plans to bring 7-Eleven Inc.’s convenience stores to India, further expanding his retail empire in the world’s only consumer market with a billion or more people that’s open to foreign firms.

US-based 7-Eleven Convenience Stores In India 

RLVL, according to the company’s statement on October 7, plans to launch convenience stores similar to the US-based 7-Eleven chain in India.

7-Eleven plans to open its first store in Mumbai’s Andheri East on October 9. 

Following that, there will be a “rapid rollout” of stores in critical commercial neighbourhoods in Greater Mumbai. 7-India Convenience Retail Limited, a wholly-owned subsidiary of RRVL, announced that the company had entered into a master franchise agreement with 7-Eleven, Inc. (“SEI”) to launch 7-Eleven convenience stores in India.

Future Group’s Termination Of Agreement

Interestingly, this announcement comes days after Future Group terminated its agreement with 7-Eleven Inc due to its inability to “meet the target of opening stores and paying franchise fees”.

Indebted Future Retail this week terminated its agreement with 7-Eleven by mutual consent after it could not open the brand’s stores or pay franchise fees. Reliance appears to have scooped up the deal. 

Court Battle With Amazon.com

Currently, Mr. Ambani is embroiled in a bitter court battle with Amazon.com Inc. over the assets of Future Retail, one of the largest brick-and-mortar chains in India.

Shares of Reliance Industries have risen more than 1 percent since news of the agreement with 7-Eleven Inc broke.

“At Reliance, we pride ourselves in extending the best to our customers and we are pleased to bring 7-Eleven, the globally recognized convenience store, to India. 7-Eleven is among the most iconic global brands in the convenience retail space. With the new pathways we build with SEI, Indian customers will have more convenience and choice within their own neighborhoods,” said Isha Ambani, Director of RRVL. 

SEI’s president and CEO, Joe DePinto, said, “India has one of the fastest-growing economies in the world.”. Now is the perfect time for the largest convenience retailer in the world to expand into India.”

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