This photo taken Feb. 1, 2024, and provided by Emart24 shows (from L to R) Hanlim Architecture Chairman Park Jin-sun, Korean Ambassador to Cambodia Park Jung-woo, Emart24 Senior Vice President Kang In-sok, Saihan Partners CEO David Sambo and Ouk Prachea, secretary of state of the Ministry of Commerce and Cambodia, posing for a photo after a local signing ceremony for the convenience store business in Cambodia. (Image courtesy of Yonhap)
SEOUL, Feb. 2 (Korea Bizwire) — Emart24, a South Korean convenience store chain, said Friday it will open its first store in Cambodia in June as part of its global expansion strategy.
Emart24 aims to increase the number of its convenience stores in Cambodia to 100 within five years, the company said in a statement.
In December, Emart24 signed a master franchise agreement with Saihan Partners, the joint venture set up between Saison Brother Holding Co. and Korean property developer Hanlim Architecture Group, to enter the Southeast Asian market, it said.
Under a master franchise deal, the master franchisor allows the master franchisee not only to open franchise units itself in a specified area but also to sub-franchise them to third parties.
Emart24 has 48 outlets in Malaysia and three in Singapore, with its operations in both countries involving master franchise deals with local companies.
The company said it will continue to strengthen its overseas presence, initially in Asian markets.
Emart24 is an affiliate of Shinsegae Group, which operates department stores, large discount store chains and other retail businesses.
(Yonhap)
