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Israeli supermarket chain sets up shop in New York

Osher Ad is opening its first of what it promises to be many chains in Brooklyn; the store, to be known as Bingo, received an investment of $9 million.

The Israeli supermarket chain ‘Osher Ad’ officially opened its first store branch under the name of Bingo in New York City this week with the help of an investment amounting to 9 million dollars from local partners.

The chain owners— Aryeh Baum, Rahem Moshe Margalit and Yehuda Lanaido—acquired the 6, 500 square meter plot in the center of a Brooklyn neighborhood after putting in a tender together with local partners with experience in the retail industry.

The choice to set up shop in Brooklyn is no accident and can be attributed to a number of reasons. Firstly, it is the most populated area in New York City with some 45, 000 households providing potential to generate estimated revenues of 100 million dollars per year.

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No less important, the neighborhood is also home to a large population of Jews, many of whom consume strictly kosher products only and for whom Osher Ad is well poised to cater since many of its products are imported from Israel.

In the event that the new branch proves profitable, the chain’s managers plan to open more stores in cities where large numbers of Jews reside.

The supermarket issued a statement on its most recent venture, promising to branch out even further in the future.

“We are happy to be the first Israeli retailer chain that has managed to break into the American market…This is an area with extremely high potential and we intend to continue to expand into other areas in the US, ” the statement read.

Osher Ad supermarket opened in 2009 and now boasts 15 branches stretching from Tel Aviv, to Jerusalem to Be’er Sheva with an average size of 6, 000 square meters per branch, together bringing in handsome annual profits of around 650 million dollars.


By Ynet News



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