7-Eleven wants to shake the food retail market in India


7-Eleven will open its first stores in India later this year after signing a franchise agreement with Future Group, a local retail chain.

Future Group will convert some of its existing stores into 7-Eleven stores while opening new ones across India, the companies said this week.

7 eleven (SVNDY), which operates more than 67,000 stores worldwide, is the last global player to play an important role for India market. The country's grocery industry currently accounts for about $ 380 billion, according to a report released last year by the US Department of Agriculture.

It is estimated that 98% of the market is occupied by neighborhood stores for mothers and children, where most Indians shop weekly. But the Future Group's Big Bazaar and other modern supermarkets are growing in popularity, and the USDA expects their share will double, from 2% to 4% by 2020.

7-Eleven operates more than 67,000 stores worldwide.
From India The retail market has already attracted the biggest names in the world. Walmart (WMT) Last year, she spent $ 16 billion taking control of Flipkart, India's largest e-commerce company.
Amazon (AMZN), which has spent more than $ 5 billion growing its business in India in recent years, is looking to expand its grocery store offering in the country. Local media reports that Amazon is looking to acquire a stake in Future Group. Both companies declined to comment.

7-Eleven, meanwhile, makes India its 18th country – a list including the United States, Mexico, Japan, China, the United Arab Emirates and Australia. The company will offer "world-class products, beverages, snacks and fresh food immediately consumable with recipes developed for local tastes," he said.

"This strategic relationship provides an excellent opportunity to introduce the Indian consumer to 7-Eleven's convenience brand and iconic products," said its international director, Ken Wakabayashi, in a statement.

Source link