Plan to open the first GS25 store in the Vietnamese city
Major convenience store chain operator, GS Retail Co., has signed a deal with a Vietnamese company, SonKim Group, to set up a joint venture with a plan to open the first GS25 store in the Vietnamese city within the year.
Competition in South Korea's convenience store business is heating up with an increase in the number of outlets, dominated by three chains – CU, GS25 and 7-Eleven.
Last year, supported by the fast-growing number of single-person households and an aging society, the market size for convenience stores in South Korea surpassed the 20 trillion ($17.5 billion) mark, up 18.6 percent from 17.2 trillion the previous year.
Marking the first overseas expansion by a local convenience store chain, the operator of South Korea's largest convenience store chain CU, BGF Retail Co., signed a franchise deal with an Iranian company. Source: Korea Herald PWKD01082017
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