Future Retail on Tuesday said it terminated a franchise agreement with 7-Eleven Inc. to develop and operate the US company’s convenience stores in India as it could not meet its target of opening stores and paying franchise fees. used to do.
The two companies decided to mutually conclude the agreement, which was first announced in 2019, stating that Future Retail would run 7-Eleven’s first branded store in India.
Media reports early last year said the Covid-19 pandemic had stalled the implementation of the franchise agreement.
Future Retail, which operates local retail chains such as Foodhall and Nilgiris, said in 2019 that it planned to set up new stores under the brand and convert some of its existing operations to American brands.
However, the termination will not have any financial or commercial impact on Future Retail, the company said in its statement.