Under the leadership of a new buyers group led by Yefit Greenberg, Steimatzky continues to take steps aimed at the book store chain's recovery. As the result of one such measure, Steimatzky has won an Israel Airports Authority tender for the continued operation of four book and souvenir stores for NIS 11 million.
This price saves the chain NIS 7 million annually, or NIS 35 million over the length of the five-year contract. The measure also fits in with the chain's efforts in recent months to cut costs in order to make a profit.
CEO Eyal Greenberg said, "Steimatzky is a source of culture consumption, which makes the operation of stores and a presence when people enter and exit Israel important for both the Israeli community and for tourists. In savings, we were aiming at lowering costs, and I'm glad to say that we succeeded."
Steimatzky has operated three bookstores and one souvenir store at Ben Gurion Airport for five years: one bookstore and a souvenir store in the duty-free section and two bookstores in the terminal (in the arrival and departure halls). The stores cover a total of 500 sq.m.
At the same time, the store has begun the process of opening new stores. Five will be opened soon: in Ramat Hasharon, Katzrin, the Jaffa flea market, and in Kikar Hamedina and on Ibn Gvirol St. in Tel Aviv. When it was acquired, the chain had 127 stores, and the owners plan to reach 170 stores during 2015, with a focus on street branches.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2014
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