Another international brand today formally joined the list of international chains that failed in attempts to appeal to Israeli tastes as the 7 Eleven franchise went out with a whimper, just 18 month after the first outlet in the country opened.
Israeli franchisee Electra Consumer Products (TASE: ECP) announced in its financial results for the first quarter of 2024 that it had on May 16 completed the sale of its eight 7 Eleven branches in Israel to a rival convenience store chain Seven Express for just NIS 3 million, after the company has accrued losses of NIS 60 million.
The 7 Eleven branches will be rebranded as Seven Express stores and join the chains existing 113 branches around Israel, which are owned by Udi Saada, Assaf Kamari and Tony Ziv. Seven Express has annual revenue of NIS 250 million.
Electra Consumer Products prefers to concentrate its resources on the French food and supermarket Carrrefour brand, which it has brought to Israel and invested NIS 42 million in converting supermarkets throughout the country.
Published by Globes, Israel business news - en.globes.co.il - on May 29, 2024.
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