Electra Consumer Products announced the signing of the agreement with the global 7-Eleven network

Electra Consumer Products is strengthening its hold in the field of retail in Israel, and it seems that it is becoming a tender player in the field.
The company announced the signing of the agreement with the global 7-Eleven network. This, following the memorandum of understanding signed between the parties in November 2020. According to the agreement, Electra Consumer Products will operate in Israel to develop and operate convenience stores under the 7-Eleven brand, when it was agreed between the parties that dozens of 7-Eleven convenience stores will be established in Israel over the next 3 years. .
7-Eleven is a multinational convenience store chain based in Dallas, Texas, which operates and grants franchises and licenses to more than 77,000 stores in 18 states. Under the franchise agreement signed, the parties agreed that the franchise period would be 20 years, with an option to extend the period for another 50 years, subject to compliance with the terms set forth in the franchise agreement.
The franchise agreement includes the payment of an initial amount and monthly payments that will be paid as a percentage of the total income of the franchise activity in Israel.
The company intends to open dozens of stores in the next 3 years in Israel, when the chain's first store will be launched in Tel Aviv during 2022. Electra should expect to invest NIS 60 million by 2024 in opening stores and the 7-Eleven brand in Israel.
The franchise agreement includes various commitments of Electra Consumer Products to 7-Eleven, including a commitment on issues of non-competition in the field of convenience stores, restrictions regarding a change of control and a commitment to comply with the financial terms set forth in the agreement.
The international chain will support Electra Consumer Products in the implementation of its unique retail business model.
The 7-Eleven network has a wide presence in many countries including: the United States, Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China, the Philippines, Singapore, Malaysia, Vietnam, Cambodia, Australia, Norway, Sweden and Denmark. Worldwide, the network's mission is to provide its customers with "what they want, when, where and how they want it".
According to the chain's CEO: "Soon, Israeli consumers will be able to experience the trademark of Eleven-7 firsthand, and enjoy everyday quality and convenience."