France-based supermarket chain Carrefour Group has opened its first 50 stores in Israel.
The supermarket chain launched the stores under a franchise partnership with Israeli group Electra Consumer Products and its subsidiary Yenot Bitan in March 2022.
Its foray into the Israeli market is expected to increase competition in the country and bring down prices of everyday purchases. The move will help address the country’s cost-of-living crisis.
Carrefour Group Chairman and CEO Alexandre Bompard said: “Carrefour is proud to be opening 50 stores in Israel today and to be pursuing its international growth strategy.
“Israel is now the 52nd country in which Carrefour operates worldwide, in particular thanks to our franchise partners. We are confident that Carrefour Israel will help Israeli customers who are starting to feel the effects of the cost-of-living crisis.”
All the store formats of Carrefour are represented in the 50 stores, including ten supermarkets, three hypermarkets and 37 convenience stores.
Nine of the stores are located in Tel Aviv. The company is also launching an e-commerce site.
Carrefour stated that it imports more than 1,200 kosher-certified products into Israel, including 400 food products from its Carrefour brand.
Between now and the end of 2024, the company plans to open 100 additional stores in the country.
The Times of Israel reported that the retailer invested NIS250m ($70m) in the new stores.
Carrefour has a multi-format network of 13,894 stores worldwide. It reported sales of €90.8bn ($99.49bn) in 2022.