Hamashbir closing branches, reducing sales space

Hamashbir department store Photo: Bar El

However, Israel's largest department store chain will be opening a new branch in Rami Levy's mall in Atarot in North Jerusalem.

The changes in consumer retail habits as more purchases go online has hit Israel's largest department store chain Hamashbir Lazarchan Ltd., controlled by Rami Shavit.

Sources inform "Globes" that Hamashbir is closing its 1,500 square meter branch in Tel Aviv's Gan Ha'Ir, where it has been operating for the past eight years. Hamashbir is also reducing its branch in Melisron Ltd.'s (TASE: MLSR) Kiryon mall in Kiryat Bialik in Haifa Bay from 6,400 square meters to 3,000 square meters, "Globes" has learned. Hamashbir will also close its branch in the Lev Ashdod mall and open a smaller 1,800 square meter branch in Ashdod's Sea Mall.

At the same time, Hamashbir will open a new 2,300 square meter branch in March in Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (TASE:RMLI) new mall in Atarot in northern Jerusalem.

Some of the space vacated by Hamashbir in Tel Aviv's Lev Ha'Ir will be taken by Shufersal Ltd. (TASE:SAE) pharmacy chain Be, while fashion chain Zara will move into Hamashbir's vacated space in Kiryat Bialik.

Published by Globes, Israel business news - en.globes.co.il - on January 8, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Hamashbir department store Photo: Bar El
Hamashbir department store Photo: Bar El
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