Future Retail stated on Tuesday it terminated a franchise settlement with 7-Eleven Inc to develop and function the US firm’s comfort shops in India because it didn’t meet the targets of opening shops and fee of franchisee charges.
The 2 corporations determined to mutually terminate the settlement, which was first introduced in 2019 stating that Future Retail would run 7-Eleven’s first branded retailer in India.
Media reviews earlier final yr had stated that the Covid-19 pandemic had stalled the implementation of the franchise settlement.
Future Retail, which operates native retail chains similar to Foodhall and Nilgiris, had stated in 2019 it deliberate to each arrange new shops below the model from scratch and to transform a few of its present operations into the US model.
The termination, nevertheless, would haven’t any monetary or enterprise influence on Future Retail, the corporate stated in its assertion.