Reliance Retail to launch 7-Eleven convenience stores in India
Mumbai, October 7, 2021
Reliance Retail Ventures Limited (RRVL), a part of the Mukesh Ambani-led Reliance Industries Limited (RIL), today said it would launch 7-Eleven convenience stores in India, starting with the first set to open on Saturday in Andheri East, Mumbai.
A press release from RRVL said that it had, through its wholly owned subsidiary, 7-India Convenience Retail Limited, entered into a master franchise agreement with 7-Eleven, Inc. (SEI) for the launch of the stores in the country.
The opening of the first store on October 9 would be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with, the release said.
"With the launch of 7-Eleven stores, RRVL as the country’s largest retailer, takes a step further in its journey of offering a superior shopping experience and compelling value proposition for Indian customers. The 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies specifically curated to appeal to local tastes, along with refill of daily essentials, having affordability and hygiene at its very core.
"With a rapid expansion plan on the anvil, it is expected to be a significant contributor to local employment and building the eco-system for convenient foods. SEI will also support RRVL in implementing and localizing the unique 7-Eleven convenience retail business model for India, including bringing best in class processes and practices," the release said.
Isha Ambani, Director, Reliance Retail Ventures Limited, said, “At Reliance, we pride ourselves in offering the best to our customers and we are proud to bring 7-Eleven, the globally trusted convenience store, to India. 7-Eleven is among the most iconic global brands in the convenience retail landscape. The new pathways we build together with SEI will offer Indian customers greater convenience and choices within their own neighborhoods.”
“India is the second largest country in the world and has one of the fastest-growing economies. It’s an ideal time for the largest convenience retailer in the world to make our entry into India,” said SEI President and Chief Executive Officer Joe DePinto. “Our strategic relationship with Reliance Retail Ventures will bring 7-Eleven’s brand of convenient products and services to millions of Indian consumers starting in the city of Mumbai.”
RRVL is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of Rs 157,629 crore ($ 21.6 billion) and net profit of Rs 5,481 crore ($ 750 million) for the year ended March 31, 2021.
RRVL is the largest and the most profitable retailer in India with the widest reach. It has been listed among the fastest growing retailers in the world in the Deloitte's Global Powers of Retailing 2021 index. It is ranked 53rd in the list of Top Global Retailers and is the only Indian Retailer to feature in the Top 100.
SEI is the premier name in the convenience-retailing industry. Based in Irving, Texas, SEI operates, franchises and/or licenses more than 77,000 stores in 18 countries and regions, including 16,000 in North America. In addition to 7-Eleven stores, SEI operates and franchises Speedway, Stripes, Laredo Taco Company and Raise the Roost locations. Known for its iconic brands such as Slurpee, Big Bite and Big Gulp, SEI has expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes. SEI offers customers industry-leading private brand products under the 7-Select brand including healthy options, decadent treats and everyday favorites.