Emart24 to open 1st convenience store in Laos
Officials from Emart24 and Kolao Group poseafter signing a master franchise agreement at Kolao's headquarters in Vientiane, Laos, Thursday. Courtesy of Emart24
Emart24 said Sunday it will open its first outlet in Laos, marking the entry of a Korean convenience store brand into the Southeast Asian country.
The company signed a master franchise agreement with Kolao Group, founded by Korean businessman Oh Se-young, to gradually convert Kolao's 50 Kok Kok Mini convenience stores into Emart24 outlets, it said in a press release.
Under a master franchise deal, the franchisee is granted the rights not only to open and operate outlets in a designated region but also to subfranchise those rights to third parties.
Emart24 said details on the opening schedule of the first converted outlet will be announced later.
Laos will become Emart24's fourth overseas market after Malaysia, Cambodia and India. The company cited the country's robust economic growth and rising demand for Korean food as drivers of its growth potential.
Laos' per capita food expenditures rose at an average annual rate of 5.5 percent to $838 in 2023 from $677 in 2019, according to the company.
Emart24 currently operates about 6,100 outlets in Korea, as well as 102 in Malaysia, seven in Cambodia and one in India.
The chain is an affiliate of Shinsegae Group, a major Korean retail conglomerate that also runs department stores, discount stores and other retail businesses.