Zara store
Photo: Sivan Faraj
Zara, Pull and Bear expand operations in Israel
Spanish fashion chains to invest USD 15 million in country in 2007, open 10 new stores
Spanish fashion chains Zara and Pull and Bear are set to invest some USD 15 million in expanding their operations in Israel.
Eli Keidar, the chains' CEO in Israel, announced Sunday the plan to continue development and investments in 2007. In the framework of the company's expansion, Zara will invest USD 8 million in opening four new branches in Modiin, Jerusalem, Rishon Lezion and Nazareth.
The existing store at the Malha mall in Jerusalem will be renovated and expanded at an investment of USD 3 million.
Pull and Bear will open six new branches in the coming year, in Petach Tikva, Modiin, Givataim, Rishon Lezion, and Nazareth. According to Keidar, the chain will invest USD 3 million in building the new stores.
Keidar said that the opening of the stores falls in line with the company's strategy to expand operations at community and nationwide malls.
Zara currently operates 15 branches in Israel and employs 1,000 workers. Pull and Bear Israel has 13 stores in the country and an annual turnover of over NIS 60 million (USD 14.3 million).
