24Seven Discusses Sale with New Shop Amid Quick-Commerce Surge

• 24Seven, owned by Godfrey Phillips India, is in talks to sell its assets to retail startup New Shop due to challenges from quick-commerce apps.
• The chain, launched in 2005, operates 150 outlets in Delhi-NCR and Hyderabad but has faced financial difficulties, including a negative net worth as of March 31, 2023.
• High rental costs and the MRP cap on packaged products are significant factors affecting 24Seven's viability, according to industry experts.
• New Shop, founded in 2019, operates 55 outlets and plans to follow a model similar to 7-Eleven, which has expanded in India through a joint venture with Reliance Retail.
• Godfrey Phillips' plan to exit the 24Seven business faced legal challenges but recently received court approval to proceed with the sale.

Source: The Arc