New delhi: Emart24, a South Korean convenience store chain, announced it will inaugurate its first outlet in India this August. This move marks the debut of a Korean convenience store chain in the world's most populous market.
According to Yonhap News Agency, Emart24 has entered into a brand license agreement with Jung Brothers Hospitality, a local franchise company, to initiate its convenience store operations in India. The agreement permits Jung Brothers to utilize Emart24's intellectual property, including brand assets, characters, patents, and software, in return for royalties.
Emart24 plans to introduce its private brand products and popular Korean foods, such as "tteokbokki" (spicy rice cakes), cup rice, and Korean-style fried chicken, to its Indian outlets. Following the August opening, a second store is set to launch in October, with a strategy to gradually increase the number of stores across the region.
India will be the third overseas market for Emart24, following previous expansions into Malaysia and Cambodia. The company highlighted India's significant economic growth and the fact that 47% of its population is aged 25 and younger as critical factors for its promising retail growth potential.
Currently, Emart24 operates 100 outlets in Malaysia, 6,100 in South Korea, and five in Cambodia. The convenience store chain is an affiliate of Shinsegae Group, a prominent South Korean retail conglomerate that manages department stores, discount chains, and various other retail businesses.