French grocery retailer Carrefour, one of the largest players in the global market, has entered the Israeli market. The company expects to take a significant market share, becoming the first foreign player in the grocery segment.
The French grocery chain opened 50 stores simultaneously in Israel this week. The retailer, in partnership with local company Electra Consumer Products and subsidiary Yenot Bitan, opened three hypermarkets, ten supermarkets, and 37 convenience stores. In addition, an online store has been launched.
The first stage of Carrefour’s business development investments in Israel amounted to about 62 million euros. The first openings took place in Tel Aviv and the surrounding area. The retailer and its franchisees plan to increase the number of retail outlets to 80-100.
Carrefour promises to offer local customers products at reduced prices, including kosher products, to win a loyal audience. According to recent estimates, Tel Aviv is among the most expensive cities in the world regarding grocery costs.
Israel becomes the 43rd country on the grocery giant’s map. At the same time, Carrefour operates franchises in 34 countries. As of the second quarter of 2023, the global chain includes more than 15,000 stores in Europe, Brazil, Argentina, North Africa, and Asia.
