Hamashbir opens new Zion Square Jerusalem department store

The seven-storey building with 5,000 square meters of space was built in collaboration with British-Israel Investments.

New Hamashbir Lazarchan Ltd. (TASE:MSZB) today opened its new department store at Zion Square in Jerusalem. The seven-storey building has 5,000 square meters of space.

Hamashbir built the new store over four years, in collaboration with British-Israel Investments Ltd. (TASE: BRTS), which owns the building. The store cost NIS 125 million to build, of which Hamashbir's share was NIS 30 million.

The store incorporates two late 19th century historic buildings, which were slated for preservation.

Hamashbir will convert its old store, located at the other end of Ben Yehuda Street, on King George Street, to a surplus retail outlet and stores of subsidiaries Office Depot Israel and New Pharm Drugstores Ltd.

Published by Globes [online], Israel business news - www.globes-online.com - on November 1, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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