As part of the cooperative agreement, Shekem will operate the first Galleries Lafayette store in Israel, to be located at Tel Aviv’s Shalom Center.
Retail chain Shekem has received the local representation license for Galleries Lafayette in Israel. According to the terms of the license, Shekem will use know-how, suppliers, inventory inspection, packaging and marketing provided by the French department store chain.
As part of the cooperative agreement, Shekem will operate the first Galleries Lafayette store in Israel, covering 2,500 sq.m, at a $3 million investment not including inventory. The store will be located at Tel Aviv’s Shalom Center, which is currently under construction. The store will contain only a portion of the international chain’s departments, and will focus primarily on fashion.
Galleries Lafayette has 392 stores and 115 subsidiaries. The company’s annual sales turnover is FF 1 billion. The flagship store, located in Paris, covers 50,000 sq.m and has 96 departments.
Shekem will also sell goods manufactured by Galleries Lafayette suppliers at Shekem Gallery stores, in coordination with the French chain.