Ambani’s 7-Eleven deal will offer customers ‘convenience and choices’

MUKESH AMBANI is set to open India’s first 7-Eleven convenience store, as his Reliance conglomerate boosts its retail presence in the vast market of 1.3 billion people.

Last Thursday’s (7) announcement of a franchise agreement came two days after India’s second-largest supermarket chain Future Retail terminated its 2019 deal with 7-Eleven to open 1,000 stores in the country.

India’s retail sector is dominated by family-owned “mom and pop” outlets, but Reliance Industries added 1,500 new stores last year to reach nearly 13,000.

“7-Eleven is among the most iconic global brands in the convenience retail landscape...(and) will offer Indian customers greater convenience and choices within their own neighbourhoods,” said Isha Ambani (right), director of Reliance Retail Ventures and Mukesh’s daughter.

The first store opened last week in a Mumbai suburb and will be followed by a “rapid rollout in key neighbourhoods and commercial areas, across the Greater Mumbai cluster to start with”, Reliance said.

Debt-ridden Future Retail, which owns popular brands such as Big Bazaar, said it was unable to “meet the target of opening stores and payment of franchisee fees” amid the pandemic.

India’s Supreme Court in August

blocked a $3.4-bn (£2.5bn) deal struck by Reliance to buy Future Group’s retail assets after Amazon objected to it, claiming it amounted to breach of contract.

Based in Irving, Texas, 7-Eleven operates or licenses more than 77,000 stores in 18 countries and regions, but has faced a delayed entry to the Indian market.