The international convenience store chain could open as many as 500 stores in Israel, with the first one coming by the middle of 2021.
By Joseph Wolkin, World Israel News
One of America’s largest convenience stores is reportedly entering the Israeli market. The 7-Eleven chain is working with a pair of Israeli innovators to serve as a competitor to the popular AM:PM stores, which have dozens of locations across the nation.
While the process to secure the 7-Eleven rights in Israel is not finalized, Electra Consumer Products and Fox Weizel Ltd. are working together to seal the deal. Zvika Shwimmer, the CEO of Electra, said the organization is finalizing a memorandum of understanding with the Dallas, Tx.-based organization. An Electra report revealed that once the memorandum is signed, the negotiation process to create franchises around Israel will begin.
As the process continues, the two will create one company, Israel’s Channel 12 reported. The duo will then split shares equally. Both firms are currently traded on the Tel Aviv Stock Exchange.
7-Eleven is one of America’s largest convenience store chains. It serves as a one-stop shop for consumers and generates approximately $61 billion in earnings per year.
Electra is known for its work with Mahsanei Hashmal, an electronics firm, as well as its many projects for public buildings, offices, laboratories, power plants, hotels, hospitals and more. Fox Weizel is a fashion firm well-known for its unique apparel. This will be the first convenience store endeavor for both firms.
7-Eleven is approaching its 100th anniversary in the United States. It could open as many as 500 stores in Israel, with the first one coming by the middle of 2021. Currently, 7-Eleven boasts approximately 71,000 stores around the globe.