Shufersal, Israel’s largest retail chain, and Amit Zeev have signed an agreement with Netherlands-based retailer SPAR to set up a SPAR chain in Israel through a jointly owned company. Zeev will be CEO of the company. The deal follows the signing of an MOU in December. It is subject to approval by the Competition Authority.
The joint company will be 19.9% owned by Shufersal and 80.1% owned by Zeev. The company will be given a franchise to operate stores under the SPAR brand and to import SPAR products to Israel exclusively. The company will also supply SPAR products to Shufersal for sale in its branches. SPAR has over 10,000 products, sold in 48 countries around the world.
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The agreement provides that Shufersal and SPAR will be able to compete with each other. Shufersal will inject NIS 28 million into the joint company in milestone payments, partly as an investment and partly as an owner’s loan.
“The agreement we have signed represents another layer of Shufersal’s activity designed to lower the cost of living in Israel, by bringing in a wide range of products at an international standard and at fair prices, to boost competition in the food and consumables market,” Shufersal CEO Ori Watermann said.
In 2021, the global sales turnover of SPAR stores was €41.2 billion. SPAR expects annual sales to grow to €50 billion by 2025.
Published by Globes, Israel business news – en.globes.co.il – on March 5, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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