Korean convenience store chain to open first branch in Vietnam
GS Retail Co., a major convenience store chain operator in the Republic of Korea (RoK), said on January 17 that it will open its first two foreign branches in Vietnam.
GS Retail Co.'s two GS25 stores will open in Ho Chi Minh City, on January 19 and January 23. (Photo: pulsenews.co.kr)
Seoul (VNA) - GS Retail Co., a major convenience store chainoperator in the Republic of Korea (RoK), said on January 17 that it will openits first two foreign branches in Vietnam.
Themove is made in the context of local convenience stores seeking to expandoverseas amid fierce competition at home.
The company’s twoGS25 stores will open in Ho Chi Minh City, on January 19 and January 23. Itplans to increase the number of stores in operation in Vietnam to 2,000 in thenext 10 years.
The launch of thestores came about six months after GS Retail signed an agreement with localcompany Son Kim Group to tap into the Southeast Asian country.
Earlier, BGF Retail Co., the operator of the RoK's largest convenience storechain CU, opened a store in Iran in November, 2017, marking the first overseasexpansion for a local convenience store operator.
Revenue ofconvenience stores in the RoK, dominated by three chains -- CU, GS25 and7-Eleven, surpassed the 20 trillion won (17.5 billion USD) in 2016, up 18.6percent from 17.2 trillion won the previous year.-VNA.
After the opening of Japan’s first 7-Eleven store in Vietnam in June, the Republic of Korea (RoK)’s GS25 convenience store chain has official announced its intention to enter the market.
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As the country’s consumption demand increases to match national economic progress, more and more foreign retailers are entering the Vietnamese market to a warm welcome from buyers, while Vietnam’s domestic brands look for their own growth strategies against the newcomers.
Foreign retail businesses who came and introduced modern trade methods, technology together with professional management skills, have posed a big challenge to Vietnamese retailers.
With huge investment, commodities suiting all tastes, ages and income levels, and round-the-clock services, convenience stores could make a splash in the Vietnamese food and beverage market.
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GS Retail Co.'s two GS25 stores will open in Ho Chi Minh City, on January 19 and January 23.
