Kishore Biyani, Founder and CEO, Future Group, has collaborated with 7-Eleven, largest convenience store chain in the world. Future Group has partnered with 7-Eleven to open a huge franchise all over India.
Currently, 7-Eleven, a Japanese owned US-based retail chain has over 67,000 stores spread across the world.
Biyani said, “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.”
Ken Wakabayashi, Head of International Business and Senior Vice President of 7-Eleven, said, “This strategic relationship offers an excellent opportunity to bring 7-Eleven’s brand of convenience and its iconic products to the Indian consumer.”
The US-based retail chain was established in 1927 and has a strong team of 45,000 employees as per 2010 statistics. It hires employees in North America, Europe, and Asia. The stores of this global giant are much smaller than that of the big retail spaces operating in India. These stores also remain open 24 hours a day and 7 days a week.
As per the report from MRRSIndia.com and Assocham, the worth of retail market in India was $672 Billion in 2016 and it is expected to touch $1.1 trillion in 2020.
India’s retail store is star-studded with stalwart brands such as Future Group’s EasyDay, Foodhall, and Big Bazaar. The partnership will add the essence of global expertise t the retail sector. It will also add a small-store strategy to the business model.
Future Retail has an annual sales figure of INR 18,478 Crore, 85% of the revenue is generated from the larger retail stores. The rest comes from the smaller formats. It has 1050 outlets with brand names Heritage, EasyDay, and WH Smith in 312 locations.
The USP of this giant retail chain will bring a huge transformation in the Indian retail sector. Although, there is a small threat looming for 7-Eleven due to the increasing popularity of BigBasket, Grofers, etc. Swiggy, most recently, has planned for a retail delivery system too.
Future Group is also aiming for a digital setup and announced its Retail 3.0 plan the previous year. In this paradigm-shifting plan, the orders will be taken via WhatsApp and Facebook Messenger.
The entry of 7-Eleven in the Indian retail scenario will set a new course. It is great news for the Indian customers too. The pricing strategy will have to be very competitive to survive the cutthroat competition.
The international-grade inventory and supply-chain management will definitely improve the Indian retail standards. The retail sector will definitely become a world-class platform one day.