South Korea’s GS Retail Picks HCM City for First Overseas Convenience Store | BizNEWS


South Korea’s GS Retail Picks HCM City for First Overseas Convenience Store

A GS25 outlet. Photo: Yonhap

South Korea’s GS Retail, which runs the GS25 convenience store chain, has said it will open its first overseas outlet Ho Chi Minh City, Vietnam’s largest city, next month, the Korea Herald reported.

With the first branch opening in mid-January, GS Retail plans to launch a total of four convenience stores in the city in the month.

The Korean retailer in March signed a deal with Vietnam’s SonKim Group to set up the joint venture, where the company would hold a 30% stake in it while the Vietnamese partner takes the rest.

Under the agreement, GS Retail will contribute the rights to use its trademark and its expertise. In return, the joint venture will pay GS Retail royalties and dividend corresponding the 30% interest.

GS Retail plans to open more than 2,500 convenience store branches over the next 10 years in Vietnam, where the retail is booming, driven by higher income and the fast-swelling affluent class.

A wave of foreign retailers have made inroads into Vietnam. Lately, Japanese retail giant 7-Eleven in June made a debut in Vietnam and now has four outlets in Ho Chi Minh City.

TUAN MINH




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