H&M store to open in Kfar Saba
Swedish fashion chain to open its fourth Israeli branch in G shopping center in September 2010
The store is slated to spread over some 1,300 square meters (14,000 square feet), on the two floors of the shopping center's Fashion Mall section. The contract was signed for a period of 24 years. The rental fee for stores in the Fashion Mall section ranges between $40-80.
H&M's first stores in Israel are expected to open in March 2010 in Tel Aviv's Azrieli Mall, Jerusalem's Malcha Mall and Haifa's Grand Canyon shopping center. The fashion chain is also expected to open stores in the cities of Petah Tikva, Netanya and Rehovot in 2011.
Gazit Globe Deputy CEO Yaron Eshel, "We are proud about H&M's decision to open a store at the G Kfar Saba shopping center. Introducing H&M is a long-term strategic move, which will contribute to the center's attractiveness."
More than 1,800 stores worldwide
The Hennes & Mauritz AB chain (known as H&M) has over 1,800 stores in more than 34 countries worldwide. The chain is known for its relatively cheap prices, and offers a new fashion and accessories collection every few months.
The company reported a 9% drop in its sales this month due to the recession, which has caused many shoppers to stay away from the stores.
The G Kfar Saba center was opened to the public in May 2009. It stretches over some 13 acres and combines an open shopping compound measuring about 30,000 square meters (323,000 square feet) and the closed Fashion Mall spreading over two floors and measuring about 18,000 square meters (194,000 square feet) in size.
The third part of the center, which is being constructed these days, will open in 2010. It will stretch over two commercial floors measuring 12,000 square meters (129,000 square feet) in size.
Gazit Globe Israel is a subsidiary of Gazit Globe, the biggest real estate company in Israel. The company engages in acquiring, developing and managing commercial properties in the country. The company's CEO, Ronen Ashkenazi, holds 25% of its shares.
Gazit Globe Israel owns 12 commercial centers in Israel measuring in total some 220,000 square meters (2,368,051 square feet) in size. Four additional centers are in different planning stages, and after they are completed the company will control a commercial area of 270,000 square meters (2,906,244 square feet).
