According to Future Group CEO Kishore Biyani, all seven outlets of the world’s largest chain of convenience stores 7-Eleven will be set up in Mumbai, reports Business Standard.
Last month (February 2019), Mumbai-based Future Retail stated that it had signed a master franchise agreement through its subsidiary, SHME Food Brands, with 7-Eleven Inc to operate 7-Eleven stores in the country.
“We are working on two pilots in terms of store size,” said Biyani. “Our attention for now will be on Mumbai. We are working out the locations where they should be set up."
Japanese-owned and US-headquartered 7-Eleven has a network of over 67,000 stores spread across the world. The firm operates small-format convenience stores that stock an assortment of fresh and packaged foods, beverages and items of daily use. For 7-eleven, which has a presence in markets such as Thailand, the US, and Japan, India will be its eighteenth market.
For the Mumbai stores, Future is eyeing stores with a size of 1,200 sq ft and 2,000 sq ft. Some of the prospective locations include malls, corporate parks, hospitals and colleges, where footfalls are high.
$1 Billion Target
Though the company has not disclosed how many more stores will be added across the country in the coming years, it said that it was targeting revenues of $1 billion over the next 7-8 years.
India’s massive $795 billion retail trade is still dominated by mom-and-pop stores and the share of organised retail was just nine per cent as of 2017.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.