Japan's Seven & i Holdings (TSE: 3382) has closed all 31 of its 7-Eleven convenience stores in India, which were run by a major local conglomerate, Yomiuri Shimbun reported on October 6. The company disclosed on October 5 that the shops had closed at the end of September.

The closures end the 7-Eleven brand's retail presence in India, one of the world's most populous consumer markets, about five years after its launch there. The Indian network had roughly halved in size in less than a year. It had about 60 outlets at the end of last year but faced strong local competition and weak earnings growth.

Seven & i signed a five-year licence agreement in 2021 with Reliance Retail, part of one of India's largest business groups. Under that agreement Reliance Retail operated the stores in India. The first outlet opened in Mumbai in October 2021.

In a statement issued on October 5, Seven & i said it would examine a range of options for its Indian business so that it could develop operations there with a long-term view. The company did not say whether it planned to reopen stores in the country or find a new partner.