MUMBAI—7-Eleven unveiled its India strategy, with plans to open 500 locations in Mumbai by the end of this year or early next, Nikkei Asian Review reports.
“How many stores can Mumbai afford? We believe it can easily take in excess of 500 stores ... over a period of three to five years,” said Hardeep Singh, CEO of Future 7-India Convenience, which inked a franchise agreement with Seven & Holdings to operate the stores.
India mostly has small mom-and-pop stores, with only one major convenience store chain, 24Seven, which has just started to go beyond New Delhi. That creates a void that Future 7 can fill. “We believe there's a large white space available when you talk about the world-class convenience across fresh food and grocery,” Singh said.
“Yes, there are kirana [mom-and-pop] stores, but we believe that they have not been able to live up to the expectations of aspirational Indians,” he said. “In the same way, there is very tasty and affordable street food, but by no stretch of imagination it can be called hygienic. Through our format, we believe we can bring together convenience, hygiene, affordability and taste.”
Singh said the company will place 7-Eleven stores “in corporate parks, dense neighborhoods, high-traffic roads and the upcoming metro network.” The shops will be varied by size, with the larger footprint model having seating in a café. All stores will sell snacks, meals and drinks, including “some very exciting ranges of new products which the market hasn’
't seen as of now,” Singh said.