This undated photo provided by emart24, retail giant Shinsegae’s convenience store arm, shows its cashierless store in Seoul.
SEOUL, June 30 (Korea Bizwire) — Emart24, a South Korean convenience store chain, said Monday it will open its first outlet in India this August, marking the first entry into the world’s most populous market by a Korean convenience store.
Emart24 has signed a brand license agreement with local franchise company Jung Brothers Hospitality to launch its convenience store business in the country of 1.4 billion people, the company said in a press release.
Under the agreement, Emart24 will allow Jung Brothers to use its intellectual property, including brand assets, characters, patents and software, in exchange for royalties.
The company said it plans to introduce private brand (PB) products and Korean foods, such as “tteokbokki” (spicy rice cakes), cup rice and Korean-style fried chicken, at its Indian outlets.
A second outlet is scheduled to open in October, with plans to gradually expand the number of stores.
India is the third overseas market Emart24 is entering, following Malaysia and Cambodia. The company cited India’s high economic growth and the fact that 47 percent of its population is aged 25 and younger as key reasons for its strong retail growth potential.
In addition to 100 outlets in Malaysia, Emart24 currently operates 6,100 stores in South Korea and five in Cambodia.
Emart24 is an affiliate of Shinsegae Group, a major South Korean retail conglomerate that operates department stores, discount chains and other retail businesses.
(Yonhap)
