Several sources have told “Globes” that the first 7-Eleven Israeli store will open on Tel Aviv’s Dizengoff Street.
Last year Electra Consumer Products (TASE: ECP) announced that it had signed a 20-year franchise agreement with the US-based international convenience store chain 7-Eleven to operate the brand in Israel, with an option to extend the agreement for a further 50 years. The initial launch date for the first store was reportedly to match the company’s name, in other words the 7th of November. But that date is nearly upon us and several sources have told “Globes” that the first 7-Eleven Israeli store will open on Tel Aviv’s Dizengoff Street on December 15.
7-Eleven to open first Tel Aviv store in 2022
Under the agreement with 7-Eleven, Electra Consumer Products will open 400 branded stores in Israel, 300 of them through franchisees. In a presentation to investors in May, Electra Consumer Products said that it would open 200 7-Eleven stores in Israel by 2025, some vof them in gas stations.
Electra Consumer Products plans investing NIS 100 million in the stores over the next three years. The stores will be 50-250 square meters in size and will offer 1,000 private brand Select 7 consumer products as well as fresh food.
Electra Consumer Products declined to comment on the report.
Published by Globes, Israel business news – en.globes.co.il – on November 2, 2022.
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7-Eleven credit: Shutterstock