Source: Business Sandard, Feb 28, 2019
Mumbai: Putting all speculation to rest, the world’s largest convenience store chain 7-Eleven on Thursday said it was launching in India through a franchise arrangement with Future Retail. The plan included setting up stores, which would roll out this year, with the help of master franchisee SHME Food Brands, an arm of Future Retail.
In a statement to the stock exchanges, Future Retail said its board had approved execution of the master franchisee agreement with 7-Eleven, pitting the latter against conventional grocery retail chains such as DMart and Reliance Smart at one end and round-the-clock chains such as 24Seven, promoted by Modi Enterprises.
24Seven, for the uninitiated, is led by Samir Modi, youngest son of industrialist KK Modi. He could not be immediately reached for his comments on the competitive intensity in the sector. But Abneesh Roy, senior vice-president, research (institutional equities), Edelweiss, said the franchise deal would give Future Retail an additional revenue basket. Read the rest of this entry »