GS Retail Awarded '7 Million Dollar Export Tower' on Trade Day

[Asia Economy Reporter Jeon Jinyoung] GS Retail, which operates the convenience store GS25, announced on the 6th that it received the '7 Million Dollar Export Tower' award in celebration of the 59th Trade Day ceremony hosted by the Korea International Trade Association.

GS Retail's export performance started at 200 million KRW in 2017 and has increased every year, receiving the '3 Million Dollar Export Tower' award in 2020, and this year surpassed 10 billion KRW by the end of November. This represents more than a 50-fold growth in five years compared to the first year of export. The number of export items also expanded about tenfold from around 40 types in 2017 to approximately 400 types this year, and the target countries diversified to 28, including Europe and newly added Latin American countries such as Paraguay and Mexico.

Popular products are GS25’s private brand (PB) items newly developed for export, such as Yours Gonghwachun Jjajangmyeon and Yours Omori Kimchi Jjigae Ramen, with differentiated alcoholic beverages like handcrafted beer Gyeongbokgung and food items making up the main exports.

Additionally, as the excellence of facilities and fixtures used in GS25 franchise stores became known, exports of convenience store facilities and fixtures such as automatic fryers have been made to places like Taiwan and the Philippines.

GS Retail is expanding PB product exports in various ways while operating GS25 stores in Vietnam and Mongolia, and is diversifying the development of export-exclusive products, expecting to easily surpass 10 million dollars in export value next year.

Kim Eunju, head of GS Retail’s export-import department, said, “This year, as Korea rose to the 6th largest exporting country in the world, GS25, representing K-convenience stores, expanded its export products and received the industry's first 7 million dollar export tower award. Taking this as an opportunity, we will strive to expand the convenience store industry, which was recognized only as a domestic industry, into the global market.”