The Limited Times

Now you can see non-English news...

7-Eleven in Israel: Electra will set up dozens of convenience stores - Walla! Of money

2021-10-12T07:03:37.658Z

Electra needs to sign agreement with 7-Eleven; In the next 3 years, he will establish dozens of convenience stores throughout Israel. The chain's first store is expected to open in Tel Aviv during 2022



  • Of money

  • All articles

7-Eleven in Israel: Electra will set up dozens of convenience stores

Electra Consumer has signed an agreement with 7-Eleven;

In the next 3 years, he will establish dozens of convenience stores throughout Israel.

The chain's first store is expected to open in Tel Aviv during 2022. By the end of 2024, Electra is expected to invest over NIS 60 million in the brand.

The agreement is valid for 20 years

Tags

  • Electra needs

  • Zvika Schwimmer

  • 7 eleven

  • Retail

Walla!

Of money

Tuesday, October 12, 2021, 09:14 Updated: 09:48

  • Share on Facebook

  • Share on WhatsApp

  • Share on general

  • Share on general

  • Share on Twitter

  • Share on Email

0 comments

Electra Consumer Products is strengthening its hold in the field of retail in Israel, and it seems that it is becoming a tender player in the field.



The company announced the signing of the agreement with the global 7-Eleven network. This follows the memorandum of understanding signed between the parties in November 2020. According to the agreement, Electra Consumer Products will operate in Israel to develop and operate convenience stores under the 7-Eleven brand, when it was agreed between the parties that dozens of 7-Eleven convenience stores will be established in Israel over the next 3 years. .



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 states. Under the franchise agreement signed, the parties agreed that the franchise period would be 20 years, with an option to extend the period for another 50 years, subject to compliance with the terms set forth in the franchise agreement.



The franchise agreement includes the payment of an initial amount and monthly payments that will be paid as a percentage of the total income of the franchise activity in Israel.



The company intends to open dozens of stores in the next 3 years in Israel, when the chain's first store will be launched in Tel Aviv during 2022. Electra should expect to invest NIS 60 million by 2024 in opening stores and the 7-Eleven brand in Israel.



The franchise agreement includes various commitments of Electra Consumer Products to 7-Eleven, including a commitment on issues of non-competition in the field of convenience stores, restrictions regarding a change of control and a commitment to comply with the financial terms set forth in the agreement.



The international chain will support Electra Consumer Products in the implementation of its unique retail business model.



The 7-Eleven network has a wide presence in many countries including: the United States, Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China, the Philippines, Singapore, Malaysia, Vietnam, Cambodia, Australia, Norway, Sweden and Denmark.

Worldwide, the network's mission is to provide its customers with "what they want, when, where and how they want it".



According to the chain's CEO: "Soon, Israeli consumers will be able to experience the trademark of Eleven-7 firsthand, and enjoy everyday quality and convenience."

More on Walla!

Dolorit stuffed with chickpeas by Olga Tuchsher

To the full article

One of the best-known names in the world in the field of convenience retail, making aliyah to Israel (Photo: PR)

Strengthens its grip on the retail market

The current agreement adds to a number of significant transactions that Electra Consumer Products has reported over the past year. Among other things, in May 2021, the Group completed the acquisition of control of the Bitan Wines food retail group.



Under the agreement, Electra Consumer Products acquired the actual control of the network. Electra purchased 35.05% of the chain's shares for NIS 193 million, of which NIS 143 million in exchange for an allotment of shares, and another NIS 50 million through the purchase of Menchum and Nurit Bitan shares (the Bitan family).



Simultaneously with Electra Consumer Products, the Phoenix Group also acquired about 15% of the chain's shares, so that in total Electra Consumer and Phoenix together hold 50.05% of the chain's shares, and the rest is owned by the Bitan family.



Electra Consumer Products is a group operating in four areas Activity in its financial statements The



first - import, production, export, marketing, sale and distribution of electrical consumer products and service of products ("electrical consumer products").



The second is the operation of retail marketing networks for the sale of electrical consumer products ("electricity retail sector").



The third - the activity of the Beitan Wines Retail Group ("Food Retail Sector").



The fourth - development and construction of investment real estate ("investment real estate sector").



7-Eleven is one of the well-known names in the global convenience retail industry. The company's offices are located in Irving, Texas, and it operates more franchises and / or licenses in more than 77,000 stores in 18 states and regions, including 16,000 in North America.



In addition to the 7-Eleven stores, it operates and serves as a franchisee of the Speedway®, Stripes®, Laredo Taco Company® and Raise the Roost® brands and more. 77-Eleven is known for its iconic brands like Slurpee®, Big Bite® and Big Gulp® and has expanded into sandwiches, salads, toppings, fruit and protein boxes, as well as pizza, chicken wings and mini taco beef.

Zvika Schwimmer and Joe de Pinto at the signing ceremony (Photo: Electra Consumer Products)

Joe de Pinto, President and CEO of 7-Eleven:

“With its growing and vibrant population and continued economic expansion, Israel presents an ideal location for the growth of 7-Eleven stores.

"Our strategic relationship with Electra Consumer Products will bring the 7-Eleven brand, which specializes in convenience products and services, to millions of Israeli consumers."

Zvika Schwimmer, CEO of Electra Consumer (Photo: Doron Bersky)

"Exposed the world to convenience retail"

Zvika Schwimmer, CEO of Electra Consumer

: "The entry of 7-Eleven into Israel is another significant factor in making Electra's food division a rising force in the food market in Israel. We strive and anticipate that 7-Eleven, as having international experience and reputation, will ensure a first-class experience for Israeli customers.



The chain has exposed the world to the field of convenience retail, and today it is the undisputed international leader in the industry. The chain will provide fast food and exclusive products in stores in Israel that will reach the Israeli market for the first time. We are committed to offering the best shopping experience and the best products, both in city centers, office areas and other locations with high traffic.



The agreement with 7-Eleven, which we see as great business potential, is a significant move in the establishment of the food division of Electra Consumer Products, in parallel with the acquisition of the Pavilion Wines chain, which we recently completed.

These transactions are in line with Electra Consumer Products' business strategy to become the best consumer group in Israel, while strengthening the value chain and deepening the benefits to size and expanding the range of products and services to our customers. "

  • Share on Facebook

  • Share on WhatsApp

  • Share on general

  • Share on general

  • Share on Twitter

  • Share on Email

0 comments

Source: walla

All business articles on 2021-10-12

You may like

News/Politics 2021-08-04T18:35:17.340Z

Trends 24h

Business 2021-11-28T20:48:12.022Z
Business 2021-11-29T08:18:07.461Z

Latest

© Communities 2019 - Privacy