Paz unveils US-style retail centers

PAZ is rolling out its new style of gas station complexes for a total investment of NIS 100m.

May 2, 2007 22:04
1 minute read.
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Paz Oil Company Ltd. aims to give Israelis a taste of the US with its introduction of American-style gas, retail and travel centers. Paz CEO Moudi Ben-Shach announced the new business strategy this week at a ribbon-cutting ceremony at its newly opened retail complex at the Tzemah junction on the southern shores of Lake Kinneret. "Our first rule is to listen to the customer and give them a neat and well-equipped shopping center," Ben-Shach told The Jerusalem Post. Paz is rolling out the new style of gas station complexes throughout the country at a total investment of NIS 100m. With 24 centers open, Paz plans to place an additional eight centers in strategic locations throughout the country by the end of the year, and eventually reach 62 centers by 2010. Each center would be comprised of a 24-hour gas station and Yellow convenience store, along with a mix of food, entertainment and sport stores such as Aroma cafes, Tzomet Sfarim bookstores, Aldo ice cream shops, and Burger Ranch or Burger King eateries. In an effort to lure bicyclists to its stores, Paz says it will equip 20 centers with bicycle stations, chosen for their proximity to cycling activity, to be completed by June. The bicycle areas would include washing facilities, added bicycle lock racks, specially-designed air pumps and recreation areas, and light fare available in Yellow. In connection with the new strategy, Paz plans to include Yellow stores at all of its 260 gas stations; only 168 stations currently have convenient stores. Paz is hoping to profit from the growing convenience and impulse market in Israel, estimated at $1.4 billion last year, and set to increase to $2.4b. by 2010, according to Geocartographic Institute and Paz speculations. Paz aims to up sales at its Yellow stores from $70m. last year to $145m. by 2010.

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