April 26, 2024
Retail & Consumer
GS Retail to open 1st convenience store in Vietnam
[THE INVESTOR] GS Retail announced on Dec. 29 that it will be opening a GS25 convenience store in Vietnam next month, the first by a Korean firm.
The store will be located in Ho Chi Minh City and is set to open by mid-January, following which the company plans to open three more outlets.
According to the firm, construction of the store has been completed and it is ready to start operations, but the launch date has been fixed to coincide with Vietnam’s largest shopping season Tet.
GS Retail signed a contract in July to establish a 30:70 joint venture and part master franchise with Vietnam’s Sonkim Group to enter the local convenience store market.
The Vietnamese group operates construction and clothing stores in the country. In 2012, GS Home Shopping, a subsidiary of GS Group, successfully created a home shopping JV with Sonkim Group. The Korean firm will provide the GS25 trademark, convenience store management techniques, and other know-how.
Over the next 10 years, GS Retail plans to open more than 2,500 stores in Vietnam, according to its spokesperson.
By Alex Lee (alexlee@heraldcorp.com)
The store will be located in Ho Chi Minh City and is set to open by mid-January, following which the company plans to open three more outlets.
According to the firm, construction of the store has been completed and it is ready to start operations, but the launch date has been fixed to coincide with Vietnam’s largest shopping season Tet.
GS Retail signed a contract in July to establish a 30:70 joint venture and part master franchise with Vietnam’s Sonkim Group to enter the local convenience store market.
The Vietnamese group operates construction and clothing stores in the country. In 2012, GS Home Shopping, a subsidiary of GS Group, successfully created a home shopping JV with Sonkim Group. The Korean firm will provide the GS25 trademark, convenience store management techniques, and other know-how.
Over the next 10 years, GS Retail plans to open more than 2,500 stores in Vietnam, according to its spokesperson.
By Alex Lee (alexlee@heraldcorp.com)
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