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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

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SparklyCupcake
SparklyCupcake
Stealth5mo

Such a great place it was!

WobblyUnicorn
WobblyUnicorn
Capgemini4mo

It was much available at night when you needed the most ...stores are closed v6 label saying closed due to renovations

TwirlySushi
TwirlySushi
INDMoney5mo

24/7 is awesome

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user

Kyu karna hai quick commerce! Do it for B2B sector instead, too many businesses would die for faster deliveries.