7-Eleven stores to open in India this year, co inks pact with Future Retail

7-Eleven, the world's largest convenience retailer, Thursday signed a master franchise agreement with India's retail major Future Retail to foray into the Indian market.

The agreement is to develop and operate 7-Eleven stores within India.

"The first 7-Eleven convenience store in India is expected to open in 2019. The new master franchisee plans to build 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand," the two companies said in a joint statement.

Future Group said 7-Eleven's entry into the country will modernise the small-retail environment and bring greater convenience to shoppers.

"Internationally popular products, beverages, snacks and immediately consumable fresh foods with recipes developed for local tastes will be part of the initial convenience offering," the company added.

"7-Eleven is among the most iconic global brands in the food retail landscape. We are proud to bring this globally trusted convenience store to India and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood," said Future Group Founder and Group CEO Kishore Biyani said.

The statement added that 7-Eleven will support Future Retail to implement and localise the unique 7-Eleven business model.

India will be the newest country or region where 7-Eleven stores operate.

At present 7-Eleven operates more than 67,000 stores worldwide in countries including the United States, Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China, Hong Kong, Macau, The Philippines, Australia, Singapore, Malaysia, Viet Nam, United Arab Emirates, Norway, Sweden and Denmark.