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E-Mart 24 Inc. is set to enter the Cambodian market next year. It will open its very first store in the region’s capital, Phnom Penh.
E-Mart 24 said its convenience store outlet will start welcoming Cambodian customers in the first quarter of 2024. Its target is to operate 100 branches within five years after inaugurating the first branch. The company will gradually increase the number of locations once the brand starts its operations.
The South Korean convenience store chain revealed its expansion plans to Cambodia on Friday, Aug. 25. The company said that this move is part of its game plan to tap into the territory’s economic growth potential. With its arrival, E-Mart 24 will become the first Korean convenience store in the country, as per The Korea Herald.
The chain said it signed a three-way memorandum of understanding (MOU) with Saisons Brother Holding Corp., a retail company based in Cambodia and Hanlim Architecture Group, a leading real estate firm in South Korea. They will join forces to launch E-Mart in Cambodia and ensure smooth business operations there.
The contract states that the joint venture between the three companies will be named E-Mart 24 Cambodia. Through the JV, the partners will secure a master franchise agreement to open stores under the brand.
"We expect the Cambodian economy to continue its growth in the post COVID-19 era,” an official of E-Mart 24 said. “As such, we pushed for the first time in Korea as a convenience store operator to foray into the country's convenience store industry."
E-Mart 24’s managing director, Choi Eun Yong, also said during the contract signing ceremony, "Everyone will join forces to successfully settle E-Mart 24 in the Cambodian market, where the growth potential is particularly high while continuing to review and implement E-Mart 24's entry into other countries."
The Korea Economic Daily reported that E-Mart 24 has been considering the expansion of its business in Cambodia for quite some time now as it sees strong growth potential in the long term. The brand entered the Malaysian market in 2021, and last year, it opened its first store in Singapore.
Photo by: Kth696586/Wikimedia Commons (CC BY-SA 4.0)
