7-Eleven chain of stores brought to India for the first time by Kishore Biyani
7-Eleven Inc., the world’s largest convenience store chain, entered India in partnership with Kishore Biyani’s Future Group as it looks to tap shoppers in the fastest-growing major economy. Future Retail Ltd. signed a master franchise agreement with the Japanese-owned, U.S.-based chain to set up small-format stores, the Indian company said in an exchange filing. The first 7-Eleven, similar to to kirana or neighbourhood outlets in India, is expected to open this year itself. 7-Eleven, which has more than 67,000 stores worldwide, is foraying into India as the goods and services tax has increased the pace of formalisation of the economy. And the nation’s retail market, according to a report by Assocham and MRRSIndia.com, is expected to grow from around $672 billion in 2016 to to $1.1 trillion by 2020. “7-Eleven, Inc. is among the most iconic global brands in the food retail landscape,” Biyani, founder and chief executive officer of Future Group, said in a statement accompanying the exchange filing.
“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.” – Kishore Biyani, CEO, Future Group.