An increasing number of Korea's convenience store chains are creating a presence in overseas markets. As the domestic convenience store market is reaching a saturation point, local companies are knocking on the doors of foreign markets as a way to secure a new growth engine.
GS Retail, which runs a convenience store chain GS25, announced on July 31 that it will set up a joint venture in Vietnam in collaboration with Vietnam's Sonkim Group. The joint venture will be owned on a 70:30 basis by Sonkim and GS Retail. This would be the first time among Korean convenience store chains to launch into the Vietnamese market.
This move is led by Huh Yeon-soo, CEO of GS Retail who has stressed the importance of overseas markets. Huh said, "To get ourselves better prepared for the future, we have to move actively to get the upper hand in the overseas markets."
GS Retail opened the first warehouse-like GS Supermarket store in Indonesia last year and a second one in March 2017.
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