7-Eleven promised "Everything essential". It lost to India's corner shops
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7-Eleven promised "Everything essential". It lost to India's corner shops
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“Mile har cheez zaruri.” Everything essential, right here.
That was the promise on the signs inside India’s first 7-Eleven, which opened in Mumbai five years ago, with India’s biggest retailer behind it.
This September, the last 31 stores shut. In its last full financial year, the chain lost nearly ₹90 crore on just ₹92 crore of revenue.
Nobody has said why the stores are closing. But this is a chain that thrives next to corner shops in other countries. So what was missing here? Host Rachel Varghese explores.
This episode is edited by Arnav Prakash
Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.
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