The Good Pharm chain continued its expansion in Israel by opening three new branches. The chain's fifth branch opened at the end of last week in Hadera, following the opening of branches early this month in the city centers of Rehovot and Rishon LeZion. These three branches are in addition to the chain's two existing branches in Tel Aviv and Petah Tikva.
The new branches were opened shortly after the chain recruited new investors: American-Jewish businessman Michael Wachs and his son, Adam, who will invest $4 million in the growing chain, with an emphasis on opening new branches and real estate expansion.
The Wachs family founded the Fashion Bug chain, which once had over 1,500 stories in the US covering over 3 million square meters in area in shopping centers in the northern US. These investors are joining the Grass family, founders of US pharmacy chain Rite Aid, which invested in Good Pharm when it was just starting.
The Good Pharm chain opened its first branch last August. The entrepreneurs, Adam Friedler and Ohad Sandler, announced their intention of doing away with the existing monopoly in the pharmacy chains market by slashing prices through general low prices, rather than specific bargains. Most of the chain's products are sold for NIS 10, including leading and prominent brands, some of which are imported as parallel imports.
The mix of products sold by the chain includes body care products and cosmetics, baby products, cleaning products, etc. Brands featured by the chain include Oral-B, Aquafresh, Pinook, Dove, Nivea, Rexona, Speed Stick, Dr. Fischer, Careline, Crema, Clinique, and others. The chain also has its own private label brand, Good, which includes optical products, such as reading glasses and contact lenses; hair products; etc.
Sandler and Friedler said, "We're proud and excited to bring the good news of Good Pharm's revolutionary prices to residents of Hadera and the towns in south-central Israel. Our recruitment of the Wachs family shows the trust of investors of this caliber in the Good Pharm vision. Thanks to the investment and experience of the Wachs family in retailing and real estate, Good Pharm will accelerate the pace of its developing all over Israel."
Published by Globes [online], Israel Business News - www.globes-online.com - on April 12, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017