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7-Eleven exits India amid mounting competition / Photo: © AFP/File
7-Eleven exits India amid mounting competition
All 7-Eleven convenience stores in India shut down in September, according to its Japanese parent company on Tuesday, as media reported the retail giant struggled to compete with local rivals.
7-Eleven is a global chain of convenience stores best known for quick grab-and-go snacks, beverages, and household staples, often operating 24 hours.
"We confirm that our Master Franchisee, Reliance, which operates 7-Eleven stores in Mumbai and Pune, closed all 31 stores on September 30," Seven & i Holdings, the owner of the world's biggest convenience store chain, said in a statement.
After signing a licensing agreement with India-based Reliance Retail, the brand launched its first Indian outlet in Mumbai in October 2021, eventually expanding to a peak of around 60 locations, a Seven & i Holdings spokesman told AFP.
Seven & i Holdings declined to comment on why the shops were closed, but the Nikkei and Yomiuri dailies, Japan's national daily newspapers, reported that the company had struggled against severe competition from local Indian retailers.
Seven & i Holdings has not given up on its business in India in the long term, it said.
"While our aspiration to serve customers in India remains, we look forward to exploring several options to advance our presence in the market over the long term," Seven & i Holdings said.
Its rival Lawson reportedly said it plans to open its first shop in India in 2027 and to expand its business there to around 100 shops by 2030.
N.Krupa--GL
