7-Eleven, Inc., the world's largest convenience retailer with more than 67,000 stores worldwide, has signed a franchise agreement with a subsidiary of Future Retail Ltd to develop and operate 7-Eleven stores within India. The expansion marks the company's entry into India.
The board of Future Retail today approved execution of master franchise agreement by its subsidiary SHME Food Brands Private Limited with 7-Eleven, Inc, the Kisore Biyani-led company said in a statement. Shares of Future Retail surged 6% to ₹432.90.
The first 7-Eleven convenience store in India is expected to open in 2019. The Future Retail subsidiary plans to set up 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand.
"7-Eleven, Inc. is among the most iconic global brands in the food retail landscape. 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," said Kishore Biyani, Founder & Group CEO, Future Group.
7-Eleven will support Future Retail Ltd in implementing and localising the 7-Eleven business model. "This strategic relationship offers an excellent opportunity to bring 7-Eleven's brand of convenience and its iconic products to the Indian consumer," added 7-Eleven, Inc. SVP and Head of International Ken Wakabayashi.
Based in Irving, Texas, 7-Eleven operates, franchises and/or licenses more than 67,000 stores in 17 countries, including 11,800 in North America.
