7-Eleven, the U.S.-based international chain of convenience stores famous for its Slurpee frozen drinks and long operating hours, is coming to Israel.
The apparel retailer Fox and Electra Consumer, a unit of the Elco Group, have reportedly received rights to operate the chain in Israel and plan to announce shortly they have signed a memorandum of understanding to develop and operate stores in Israel. They will operate 7-Eleven as 50-50 joint venture partners.
Founded in Texas in 1927, 7-Eleven today counts more than 71,000 stores in 17 countries around the world and does about $8 billion in annual turnover. After 70% of the company was acquired by its Japanese affiliate Ito-Yokado in 1991, 7-Eleven became a wholly owned subsidiary of Seven-Eleven Japan. Japan has more 7-Eleven locations than anywhere else in the world, or a third of the total.
In Israel, the two companies are looking to open 250 outlets in the first several years. Although both Fox and Electra are experienced retailers – Fox under its own name and other local and international brands whle Electra sells appliance and electronics through its Machsanei Hashmal and Shekem Electric stores – 7-Eleven will mark their first foray into grocery retailing.
Israeli retailers have been feeling the pinch of internet competition and the coronavirus lockdowns. The food segment, however, has largely avoided these pressures.