Rami Levy to Enter Electricity and Financial Sectors, Promising Lower Prices

Businessman Rami Levy, known for his supermarket chain, is expanding his business empire beyond food retail into new sectors, aiming to drive down consumer prices. In an interview with "Mosaaf Manhigim" in Yediot Ahronot, Levy announced plans for his group to enter the electricity market, potentially engaging in electricity generation, and to establish a financial entity offering consumer services.

Levy's strategy is to leverage his group's extensive customer base, which reaches nearly 850,000 households monthly, to create competition and offer better terms. "My guiding principle is to act where I can create synergy with the consumer, lower their costs, and do good for those I serve," he stated.

In the electricity sector, Levy's group intends to supply electricity to consumers and explore opportunities in generation, possibly through tenders or partnerships, to reduce intermediary costs. The group has also launched the "SuperFly" credit card in partnership with Israir and Isracard, linking its retail operations with airline benefits.

Beyond the credit card, Levy aims to establish a non-banking institution or a digital bank to offer more favorable loan conditions. He believes the group's large customer base will facilitate offering competitive financial services.

Levy views his ventures as a means to foster competition, asserting, "We are competition generators. In every field I enter, prices go down." He also commented on the impact of currency fluctuations, noting that his group recently concluded hedging significant amounts at 3.50 shekels to the dollar, anticipating price reductions on imported goods. Levy emphasized that tackling the high cost of living extends beyond food to areas like housing, childcare, and utilities, urging consumers to make informed purchasing decisions to save money.