Emart24 drives Korean food craze in Singapore
People wait in line to try Korean food at an Emart24 store in Jurong Point, a mall in Singapore, December 2022. Courtesy of Emart24
By Kim Jae-heun
Emart24, a convenience store chain operated by retail giant Shinsegae, is creating a craze in Singapore for Korean delicacies and snacks, only six months after it started business there, company officials said Monday.
The retailer opened its first two convenience stores together in Singapore's Jurong Point and NEX malls last December. It did not disclose specific numbers, but the company more than doubled its sales target set when the stores opened.
“We sell various items including fried chicken, hot dogs and instant noodles at Emart24 stores in Singapore. About 700 to 800 people visit our Jurong Point branch every day to try instant noodles and tteokbokki (stir-fried rice cake) products,” an Emart24 official said.
Singapore has not been a much-sought-after market for Korean retailers due to its relatively small population of 5.4 million, which is about 10 percent of Korea's.
However, the retail firm saw potential in the Southeast Asian country as its per capita income showed $80,000 (102.56 million won) as of 2022. Its restaurant industry is comparatively more developed than other neighboring countries, too.
Emart24 hit its target in Singapore's convenience store market as local stores are not considered to offer high-quality food products.
According to market research firm Euromonitor International's report “2022 Singapore Restaurant Industry Status,” the country has 189 bakeries, which is small in number compared to its 657 convenience stores. However, the two business sectors showed similar sales sizes of 123.2 million Singaporean dollars ($91.97 million) indicating a good chance for growth when improving food variety at convenience stores there.
Emart24 in Singapore adopts a Korean food cafeteria concept instead of a conventional convenience store. Half of the store provides space for customers to eat rather than items on shelves. Its stores have instant noodle preparation machines and microwave ovens to heat up premade meals.
“Emart24 stores in Singapore have become a hot place among young locals for their delicious Korean foods sold at relatively low prices. We will continue to offer a variety of products,” an Emart24 official said.