Reliance Retail to launch first 7-Eleven store in Mumbai, RIL stock soars 1.5%.
The wait is over. One of the most popular global convenience stores is here in Mumbai, India.
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL), announced today the launch of 7-Eleven convenience stores in India and is all set and ready to start its first store in Andheri East, Mumbai on October 9, 2021. RRVL’s wholly-owned subsidiary 7-India Convenience Retail Ltd has entered into a master franchise agreement with 7-Eleven Inc (SEI).
The stores would be offering a superior shopping experience with products ranging from beverages to hygiene. The focus would also be on localizing the stores to fit the business environment of India. RRVL plans to expand rapidly in the neighbourhood vicinity of Mumbai, to begin with. However, the company has not disclosed yet the magnitude of expansion in the coming years.
RRVL is one of the largest and fastest-growing retailers in India. With the 7-Eleven franchise onboard, RRVL has the opportunity to further expand its retail reach. The consolidated revenues for RIL have gone up by 58.24% on a YoY basis to Rs 1,44,372 crore for the quarter ended June.
In the trailing three months from October 7, 2021, the RIL share price has generated over 21% returns for its shareholders. In the early morning trading session of October 7, 2021, the stock created a day high of Rs 2,600.00, up by 1.5% on BSE. The stock has a 52-week high of Rs 2,612.00.
It would be interesting to watch how this foreign iconic convenience store chain plays out in the Indian market. It would be crucial to analyze how RRVL performs in the medium term to factor in the contribution from the franchise.
Would you like to visit the 7-Eleven store? Let us know in the comments.
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