Asia’s richest man all set to open first 7-Eleven convenience store in India
India’s richest man Mukesh Ambani is set to launch the popular, 7-Eleven convenience stores across India. Ambani is bringing a 7-Eleven convenience store chain, joining a vast business empire that expands its energy, chemicals, retail, and telecommunications sectors.
The first store is set to open in Mumbai soon, covering two stories and 1,700 square feet, and later plans to extend the stores to other parts of the country.
According to Forbes magazine, Asia’s richest person has a net worth of $99.1 billion and Ambani is the founder and chairman of Reliance Industries, which has interests in petrochemicals, oil, gas, telecoms, and retail. Reliance Retail added in a statement, “ The shops are expected to offer customers drinks and snacks that are customized based on local preferences. In recent times, Ambani has also revealed the aggressive ambitions to take on both Amazon and Walmart (WMT), which dominate online shopping in India.
Joe DePinto, 7-Eleven’s president and CEO said, “India is one of the fastest-growing countries and has one of the fastest-growing economies. This is the perfect time for the world’s most affluent retailers to enter India.”
The Texas-based 7-Eleven chain has more than 77,000 stores in 18 countries around the world. The declaration of the franchise agreement comes days after rival Indian retailer Future Group ended its deal with the US chain.
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Reliance Retail Ventures has a turnover of $21bn (£15.5bn), and they are the, most profitable retailer in India. Moreover, India with a population of 1.4 billion is seen as an area of huge potential growth for both convenience stores and Reliance Retail.