France's Carrefour this week inaugurated 50 stores in Israel, becoming the first foreign supermarket chain with branches in the country.
"It's a very big day for Carrefour," CEO Alexandre Bompard said at the inauguration of a supermarket on Tuesday in the central Israeli city of Raanana.
"We know that the expectations for Carrefour Israel are high, and we want to live up to those expectations. We want to do that with affordable prices."
People in Israel have been hit hard by the rising cost of living.
Inflation hit 5.2 percent year on year, the central bank said in April, its highest level in more than a decade, and tension over costs and income inequality dominated the country's elections in November.
Up to 100 branches
Many of the 50 new supermarkets are located in and around Tel Aviv, which was ranked the world's most expensive city by The Economist magazine in 2021.
Carrefour, which already has a worldwide presence including in the Middle East, said in a statement it expects to open up to 50 more stores across the country by the end of the year.
Bompard said the company was also looking to develop a range of kosher products to cater to Israel's Jewish majority.
In a video released on Monday by his office, Prime Minister Benjamin Netanyahu is seen at one of the new branches, calling Carrefour's entry into the Israeli market "great news".
(with AFP)
