SEOUL, Jun. 10 (Korea Bizwire) — Shinsegae Group Vice Chairman Chung Yong-jin appears to have stepped up foreign market research ahead of the retailer’s launch of a premium grocery store in the United States next year.
According to posts of Chung’s Instagram account, he appeared to have visited a food exhibition in the Netherlands last month and held meetings with foreign partners to better gauge overall conditions.
The move by Chung is viewed as efforts to step up research of foreign markets as Shinsegae plans to open a premium grocery store, or PK Market, in the U.S. by next May, according to group officials.
Shinsegae introduced a PK Market, a food store that sells international food ingredients, vegetables, fish and meat, at its shopping complex Starfield Hanam in 2016.
Shinsegae reported a 149 percent surge in its first-quarter net profit on the back of stellar performances from its department store and duty-free units.
Shinsegae’s net profit came to 84.2 billion won (US$78.1 million) in the January-March period, compared with 33.8 billion won a year earlier, according to the company.