11 hrs ago
Reliance Retail and 7-Eleven End India Partnership
Reliance Retail and 7-Eleven are ending their business partnership in India.
They worked together for five years to run 7-Eleven convenience stores.
A report says most of the nearly 60 stores may close.
The business did not make a profit, according to the report.
Some stores are reportedly selling their remaining goods before closing.
Quick-commerce apps deliver groceries and snacks quickly to people's homes.
Traditional kirana stores also compete with convenience stores.
7-Eleven may look for another Indian partner, but it has not made a decision.
Reliance Retail and 7-Eleven are ending their five-year franchise partnership in India.
Most of the nearly 60 stores operated under the agreement are expected to close, according to a report.
The Economic Times reported that the business failed to generate profits; some stores are reportedly clearing inventory.
The partnership began in October 2021, and its first store opened in Mumbai.
7-Eleven may consider another Indian partner, while quick-commerce services and kirana stores add competitive pressure.
- Who
- Reliance Retail and Japan-based 7-Eleven.
- What
- They are ending their franchise partnership in India; most of the nearly 60 stores are expected to close.
- Where
- India; the first partnership store opened in Mumbai.
- When
- The partnership began in October 2021 and lasted five years; no end date was specified.
- Why
- The business reportedly failed to generate profits amid competition from quick-commerce services and traditional kirana stores.
Key facts
- Parties
- Reliance Retail and 7-Eleven
- Partnership length
- Five years
- Store count
- Nearly 60 stores operated under the agreement
- Expected closures
- Most stores are likely to shut, according to the report
- Agreement signed
- October 2021
- First store
- Mumbai
- Possible next step
- 7-Eleven could explore a partnership with another Indian company; no decision has been taken
Sources
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