The energy company sees its convenience stores as a major growth engine.
Sources inform ''Globes'' that Paz Oil Company Ltd. (TASE:PZOL) will open 11 retail centers within two years and 63 branches of its "Yellow" convenience store chain within three years at an investment worth tens of millions of shekels. Construction work on three of the centers, at Hof Hacarmel, Givat Brenner, and the Ramla bypass, is already nearing completion.
Paz CEO Yona Fogel told "Globes", "The retail centers are a growth engine for the group, so we will be opening more of them over the coming years."
Paz is currently Israel's leading operator of retail stores in gas stations. The company runs 250 gas stations, 187 of which have a "Yellow" convenience store operating out of them. 27 Yellow stores were opened in 2007 and five more have been opened since the beginning of 2008. The company's gas station network will grow to 261 within three years once the current expansion program has been completed.
Paz currently operates 29 retail centers ranging from 300 to 400 square meters in size.
Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008