7-eleven
In February, Future Retail, one of India’s top retailers, signed a master franchise agreement with 7-Eleven to develop and operate the stores in the country. Owned by Japan’s Seven & i Holdings, 7-Eleven convenience stores sell fresh foods, snacks, packaged goods, and beverages and remain open round the clock.
Biyani, the founder of Future Group, said he is aiming to open 1,000 such small format stores in the country’s financial hub of Mumbai. The focus of the 7-Eleven operations will be on Mumbai at least for the next two years to three years.
The Japanese-American store brand’s proposed entry comes at a time when India’s $365 billion retail market is witnessing increased competition from online companies. The industry is also contending with an economic slowdown: India’s gross domestic product expanded at the slowest pace in six years during July-September. Seven-Eleven stores offer new competition to the neighborhood mom-and-pop stores that are already facing the onslaught of global corporations such as Amazon and Walmart, say analysts.
U.S. online retailer Amazon, which entered India ins 2013, is tying up with a bunch of departmental store operators and retail outlets in a bid to outpace rival Walmart, which, last year, bought a majority stake in Flipkart Internet in a $16 billion deal.
Seven-Eleven is likely to be largely an urban phenomenon in India considering the income levels and the population in big cities, said Dhanraj Bhagat, a partner at Grant Thornton India.
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