April 27, 2024

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[THE INVESTOR] Ministop Korea, local unit of the Japan-based convenience store operator, on July 18 denied reports of selling its business here.

“It is simply not true,” a Ministop spokesperson told The Investor. “We hear this every year because of our market share, which is smaller than the top three players -- CU, GS25 and 7-Eleven. Any firm that acquires Ministop can become the top player in the market.” 

He added that reports which said Ministop has selected Nomura Securities as deal manager to sell its Korean unit are untrue.

Established in 1997, Ministop Korea is the fourth-largest player in the country. But recently the company has faced some difficulties doing business here. The number of Emart24 outlets has increased dramatically from 501 in 2014 to 3,236 as of June this year, outnumbering Ministop’s 2,346 outlets. Moreover, the Fair Trade Commission slapped it with a 234 million won (US$207,796) fine for signing illegal and unfair contracts with its suppliers.

Emart24, the convenience store chain of retail giant Shinsegae, which is considered to be one of the likely candidates to acquire Ministop, also denied the reports, saying it is unrealistic.

“Our operating system is totally different from Ministop. If we acquire the chain, we will have to adjust all the differences, which takes too much effort,” a Emart24 spokesperson said.

By Song Seung-hyun (ssh@heraldcorp.com)