World's largest convenience retailer, 7-Eleven is all set to enter India. Kishore Biyani's future retail has signed a master franchise agreement with the Japanese-owned US based retailer.
Future retail's subsidiary, SHME food brands, will develop and operate 7-Eleven stores in India.
SHME food brands will open new stores & convert existing stores into the 7-eleven brand.
The first 7-Eleven convenience store in India is expected to open in Mumbai in 2019.
The tie-up for these 24x7 stores will be on a revenue-sharing model & will involve technology transfer. Future retail will have to pay royalty on a per sale basis.
Future retail will get technology, systems and processes for this fee as part of this deal, said Kishore Biyani.
There will also be cafes as part of some 7-eleven stores, food to be available at affordable prices, said Kishore Biyani.
The Texas-based retailer currently franchises and/or licenses over 67,000 stores in 17 countries.