7-Eleven Convenience Stores on the Way to Israel

Fox and Electra Consumer reportedly signed memorandum of understanding to become local licensees

Shelly Appelberg
TheMarker
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A 7-Eleven sign in Michigan, 2019.
A 7-Eleven sign in Michigan, 2019.Credit: Elspamo4 / Wikimedia Commons
Shelly Appelberg
TheMarker

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 , 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 – 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 and the coronavirus lockdowns. The food segment, however, has largely avoided these pressures.

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