20 Million KRW One-Time Payment for Daily Recovery Coexistence Support Fund
Additional Support Including Fraud Compensation and Victim Insurance Headquarters Assistance
At the GS25 '2022 Vision Sharing Meeting' held on the 1st, Oh Jin-seok, Vice President of GS Retail (fourth from the left in the photo), employees, Park Yoon-jung, Chairman of the GS25 Store Owners' Association (fifth from the left), and GS25 store owners are taking a commemorative photo.
[Asia Economy Reporter Jo In-kyung] GS Retail's convenience store GS25 will provide support worth 180 billion KRW next year for franchise owners who have faced difficulties due to COVID-19.
On the 1st, GS25 held the '2022 Vision Sharing Meeting' at its headquarters in Yeoksam-dong, Seoul, attended by Vice President Oh Jin-seok, key executives, and the chairpersons of the Franchise Management Association, where it announced the '2022 Franchise Win-Win Support Plan' containing these details, the company said on the 2nd.
The amount of the win-win support plan for next year is 180 billion KRW, which is 30 billion KRW more than the 150 billion KRW support provided by the GS25 franchise headquarters to franchise stores this year, marking the largest scale ever. In addition, new initiatives were introduced including ▲lump-sum daily recovery win-win support fund ▲headquarters support for fraud compensation damage insurance ▲long-term operation support benefits for 10-year franchisees ▲increase in contract renewal support fund ▲expanded promotional support for fresh food revitalization ▲strengthened investment in new concept stores.
The daily recovery win-win support fund is a disaster relief fund due to COVID-19, and the franchise headquarters will provide 200,000 KRW uniformly to all GS25 stores nationwide on the 8th. A GS25 official explained, "This was prepared to express gratitude to franchise owners who have done their best to operate stores under the adverse conditions of COVID-19 and to encourage the prompt normalization and business activities of all stores at the point of entering phased daily recovery."
The fraud compensation damage insurance headquarters support system will be introduced in the first half of 2022 to prevent franchise stores from voice phishing damage related to securities products such as Google gift cards sold by GS25, with the headquarters bearing the full insurance premium. For long-term franchise owners with 10 years of operation, health checkups will be provided, and support funds for contract renewals of headquarters-leased stores and promotional expenses to revitalize fresh food sales have also been increased.
Furthermore, to develop GS25 franchise stores with various concepts tailored to commercial districts, investment and support for 'new concept franchises' such as Fresh Enhanced GS25 and Food & Cafe Type GS25 will be expanded.
Oh Jin-seok, Vice President of GS Retail, said, "The daily recovery win-win support fund paid to GS25 franchise owners who have struggled due to COVID-19 is the industry's first voluntary win-win support case," adding, "Since 2017, GS25 has autonomously negotiated win-win plans and shared visions with franchise owners, serving as a model in the franchise industry and leading ESG management strengthening activities."
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