Harel Wiesel owner of the Fox Group is bringing to Israel Jumbo - a Greek chain

Harel Wiesel, the controlling owner of the Fox Group, is bringing to Israel for the first time Jumbo - a Greek chain that is similar in the range of products it offers and in the level of prices for Mastock stores. The chain offers discounted products ranging from toys and kitchen accessories to housewares and office supplies.
Wiesel received the exclusive right to establish and operate jumbo stores in Israel, and it is expected to open between 8-10 stores in the country, each with an area of ​​about 10,000 square meters - the size of the stores in Greece. At a relatively low price level adapted to the spirit of the time, the establishment of the chain of stores will be another key pillar in the Fox Group's activities, thus dispersing the risk of activities in the field of fashion.The investment in establishing a jumbo chain in Israel is estimated at NIS 18 million.
Jumbo was founded in 1986 and is a leading retail company traded on the Greek stock exchange at a value of about 2.15 billion euros. Jumbo's annual sales turnover is about 812 million euros. The chain operates about 112 stores in total, 54 of them in Greece. Israel will be the tenth country to open the network, which operates in Bulgaria, Cyprus, Romania and other European countries, and employs about 7,000 people. The target audience of the stores is diverse, and includes women, men and children of all ages.
The agreement stipulates that the first store in Israel will be opened by the company no later than the end of 2021 (subject to the possibilities of extending the date in certain circumstances as stipulated). It should be noted that the company has no obligation in relation to the number of stores. The period of the first agreement is for 12 years from the opening of the first store, with the possibility of extension with the agreement of the parties for another 10 years starting from the lapse of 10 years from the date of opening the first store.
Fox said that "the company sees this transaction as an essential part of the realization of the company's strategy in expanding the company's range of activities and products and is proud of Jumbo's choice to expand jumbo stores in Israel through this agreement with the company."