Steimatzky
From Wikipedia, the free encyclopedia
Steimatzky (Hebrew: סטימצקי), is the oldest and largest bookstore chain in Israel. The first store opened in 1925 on Jaffa St. in Jerusalem by Yechezkel Steimatzky a Russian-born immigrant from Germany. He had originally came to Israel on a short visit for the opening of the Hebrew University and decided to stay after he saw the potential in opening a foreign language bookstore that would serve a growing immigrants' market as well as British Army soldiers serving under the British Mandate of Palestine. The concept was so successful, that he opened an additional store in Haifa later in the same year. Up until 1948, another store would open on Allenby Street in Tel Aviv.
In 1927, Steimatzky saw the potential for expansion throughout the Middle East and opened a store in Beirut. The company name was changed to Steimatzky Middle East Agency. During World War II, a Steimatzky store opened in Baghdad next to the British Army base, and soon after in Cairo, Alexandria, and Damascus. The expansion came to a halt with the outbreak of the 1948 Arab-Israeli war and the nationalization of all the bookstores in the Arab countries.
In 1963, the son of founder Yechezkel, Ari Steimatzky, joined the company and in only a decade become its general manager. In 1995, the Steimatzky company purchased the Sifri chain with seven stores. The chain was a virtual monopoly in Israel until 2002 when two smaller competitors (Tzomet Hasefarim, Yarid Hasefarim) and the Modan Publishing House united under Tzomet Hasefarim banner numbering about forty stores and online presence. In 2004, Steimatzky itself also formed a joint publishing house with Keter Publishing House.
In 2005, the Markstone Capital Partners Fund purchased the company for between $50 - 60 million including the 150+ stores and the 49% Steimatzky share in the publishing house. [1].
As of 2006, Steimatzky operates stores in 68 cities in Israel as well as in London and Los Angeles. It is estimated that the company holds a 40% share in the Israeli book retailing market and employs over 700 people worldwide.
