7-Eleven exploring India entry with Future Group1 min read . Updated: 14 Feb 2019, 12:21 PM IST
- For the financial year 2018, the group reported a turnover of 11 trillion Yen, according to company
- If the talks go through, 7-Eleven could be competing with home-grown convenience store chains
New Delhi: The Mumbai-based Future Group is reportedly in talks with convenience store chain 7-Eleven, Inc. for the latter's India entry.
According to a report in the Economic Times newspaper, the two are exploring a franchise agreement for the retailer's entry into India.
The Irvin, Texas-headquartered chain, owned by Japan's Seven & i Group, runs over 67,000 7-Eleven stores in 17 countries through franchise or licensing agreements. These small format convenience stores stock goods for daily use such as packaged food, beverages, personal care products and utility items.
For the financial year 2018, the group reported a turnover of 11 trillion Yen or $99 billion, according to financials posted by the company.
Future Group did not respond to queries sent by Mint.
However, an executive in the know of the matter said two companies have held meetings. "While nothing is final, the two retailers are exploring a possible entry for 7-Eleven," the person said on condition of anonymity.
An email query sent to 7-Eleven did not elicit a response.
If the talks go through, 7-Eleven could be competing with home-grown convenience store chains such as Twenty Four Seven, and In & Out. These are typically located at fuel stations and busy markets in the top metros.