JERUSALEM (VINnews) — The US-based 7-Eleven convenience store chain announced that it is going to open hundreds of branches in Israel over the next three years. However unlike other locations, the Israeli sites will close on Shabbat.
Israeli company Electra will invest 60 million NIS in establishing the Israeli branches over the coming years. The first store will open in Tel Aviv in 2022, according to a company statement Tuesday. The stores will be located in city centers and other areas with significant consumer traffic.
Electra’s deal is for 20 years in which it will pay a monthly percentage of earnings to 7-Eleven for the right to use their brand. Electra also paid an unspecified initial payment to 7-Eleven.
Unlike a “makolet” (Israeli convenience store), 7-Eleven offers an experience with fast food, a large variety of hot and cold drinks, and various products that do not exist elsewhere,” Electra CEO Zvika Schwimmer said. “I am sure that the shopping experience at 7-Eleven will be different and special for the Israeli consumer.”
Schwimmer told the Globes financial news site that he had “received thousands of inquiries from franchisees and grocery store owners who want to convert their stores.”
7-Eleven is a multinational convenience store chain based in Dallas, Texas, which operates and grants franchises and licenses to more than 77,000 stores in 18 countries and regions, including 16,000 in North America. The chain is known for its famous slogan, “Oh Thank Heaven For 7-Eleven,” and is known for iconic brands like Slurpee, Big Gulp and Big Bite.
In recent years, the chain has expanded into sandwiches, salads, toppings and fruit and protein boxes, as well as pizza, chicken wings and mini tacos. The company also operates the Speedway, Stripes, Laredo Taco Company and Raise the Roost brands, among others.
With its “flourishing population and economic expansion,” Israel presents the ideal location for 7-Eleven to expand, 7-Eleven president and CEO Joe DePinto said in a statement.
Electra operates in several areas, including marketing and sales of electronic consumer goods. It is also active in the development and construction of investment real estate, and runs a network of retail stores for electronics. Recently it has expanded its activities in the food industry and acquired control of the Yeinot Bitan supermarket chain, which numbers some 200 foodstores around the country.
Source: VosIzNeias
