JNS.org – Electra Consumer Products has signed a 20-year franchise agreement with the American convenience store chain 7-Eleven to operate the brand in Israel with an option to extend the agreement to 50 years.
Although the franchise operates seven days a week around the world, in Israel the stores will be closed on Saturday, the Israeli business daily reported Globes On Tuesday.
Electra Consumer Products plans to invest NIS 60 million (approximately $ 18,500) to launch the new stores throughout Israel, according to the Memorandum of Understanding (MoU) between the two companies in November.
The first store is scheduled to open next year in Tel Aviv with eventually between 300 and 400 stores.
As the largest convenience store chain in the world, 7-Eleven was founded in 1927 in Dallas and today has its headquarters in Tokyo. It operates, franchises and licenses to more than 71,100 stores worldwide, with about 20,000 stores in Japan alone, according to 2020 statistics.