French retailer Carrefour has entered into a franchise agreement with Israel’s Electra Consumer Products and its subsidiary Yenot Bitan as it continues to expand its international footprint.
The partnership will see the retailer opening stores under the Carrefour banner in Israel before year the end of 2022.
Patrick Lasfargues, Carrefour International Partnership President, commented, “We have found with Electra Consumer Products teams a strong spirit of retail entrepreneur confirmed by the 2021 acquisition of Yenot Bitan.
“In addition, we are confident that Carrefour arriving in Israel will significantly help improve local shopping experience as well as customer purchasing power with better offers at more affordable prices.”
Yenot Bitan, which operates more than 150 stores in the country, will have access to Carrefour branded products before the summer of this year.
A 'Significant Step'
Zvika Schwimmer, Electra Consumer Products CEO, added, “The entry of Carrefour into the Israeli market is the greatest and most significant step in Israel's retail history ever. Carrefour is a leading global retail chain and one of the largest for private-label food products.
“This [partnership] will allow Electra Consumer Products to lead the Israeli food and consumer goods market and expand into additional markets. The advantages of Carrefour are in line with the business strategy of Electra Consumer Products, which [aims to] bring added value to the consumer and lead the market in every field.”
Amit Zeev, CEO of Yenot Bitan, stated, “Carrefour brings a long-awaited change for the Israeli consumer's shopping experience as well as a vast range of products which will set a new pricing level in the local market.
“Carrefour's entry into Israel with Yenot Bitan will change the rules of the game and grant us a real competitive advantage. The change we bring will be felt in every household and will offer real solutions to the rising cost of living in Israel.”
In December of last year, Carrefour announced the opening of its first store in Gabon with its franchise partner Prix Import.