7-Eleven plans to bring that Texan hospitality to the 100th largest country in the world.
According to a press release, Texas-based 7-Eleven, Inc. will broaden its reach to include the seven stores set to open in the Israel market, as the world’s largest convenience retailer announces it has signed a master franchise agreement with Electra Consumer Products Ltd. Operating more than 77,000 stores worldwide, including in 19 countries, the recent expansion signals 7-Eleven brand’s entry into Israel.
Electra Consumer Products Ltd., is a subsidiary of ELCO LTD., a leading Israeli company with a multi-faceted portfolio of business interests, and the franchise agreement is expected to offer greater convenience to shoppers within the small-retail environment and its popular products selection.
When considering the partnership, Electra looked at 7-Eleven’s history in the retail market space. According to statista.com, 7-Eleven's sales reached $18.25 billion in the US during 2020.
"When looking to enter a new retail segment, we knew we wanted a company that had the experience and international reputation to deliver a first-class experience for Israeli customers. 7-Eleven introduced the world to convenience retailing and, today, is the undisputed international leader in the industry. As we begin to introduce 7-Eleven stores to neighborhoods across Israel, we are dedicated to offering the best shopping experience and products available," Electra Consumer Products CEO Zvika Schwimmer said in the press release.
7-Eleven shared their excitement in expanding their retail stores to Israeli consumers. This move comes at an opportune time as experts have shown that the Israeli food and grocery markets grew by 6.5% in 2020.
"With its vibrant growing population and continued economic expansion, Israel presents an ideal location for 7-Eleven stores to grow," 7-Eleven, Inc. President and CEO Joe DePinto said in the press release. "Our strategic relationship with Electra Consumer Products will bring 7-Eleven's brand of convenient products and services to millions of Israeli consumers."
Expected to open in 2022, the first 7-Eleven convenience stores in Israel come on the heels of the company recently opening stores in Mumbai, which opened on October 9th in India's largest city.
"In addition to Israel, 7-Eleven recently entered the country of India with its first store there opening in Mumbai. Other countries and regions with a 7-Eleven presence include the United States, Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China, the Philippines, Singapore, Malaysia, Viet Nam, Cambodia, Australia, Norway, Sweden and Denmark."
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