Emart24, First in the Industry to Enter Cambodia

Third Store Following Malaysia and Singapore
Aiming to Open First Branch in Early Next Year

Convenience store Emart24 has confirmed its entry into Cambodia, becoming the first in the industry to do so. This marks the third overseas expansion following Malaysia and Singapore, and is expected to serve as a foothold to further expand the presence of K-convenience stores in the Southeast Asian market.

On the 22nd, Emart24 announced that it signed a master franchise agreement with Cambodian local joint venture Saihan Partners at the Emart24 headquarters conference room in Seongdong-gu, Seoul. Saihan Partners is a joint venture between Cambodian local company "Saison Brother Holding" (hereinafter Saison Group), which established a corporation in Cambodia since 2017, and "Hallim Construction Group" (hereinafter Hallim Group), which is engaged in real estate development in Southeast Asia.

At the Emart24 headquarters located in Seongdong-gu, Seoul, Han Chaeyang, CEO of Emart24 (center), David Sambo, CEO of Saihan Partners (right), and Park Jinsun, Chairman of Hallim Architecture Group, are posing for a commemorative photo after signing a master franchise agreement for expansion into Cambodia. Photo by Emart24

Earlier, Emart24 signed a tripartite memorandum of understanding (MOU) with Saison Group and Hallim Group in August, established the joint venture, and after preparations, finalized the main contract on this day. Through this contract, Emart24 will enter Cambodia via a master franchise model. A master franchise refers to a method where the franchisor does not directly enter overseas markets but contracts with a local company, which then sells franchise operation rights within a certain area to those wishing to franchise.

Saihan Partners, which signed the contract with Emart24, plans to open the first store in the first half of next year and sequentially expand to 100 stores within five years according to local conditions in Cambodia. Since starting in Malaysia in June 2021, Emart24 has expanded into three countries over the past three years, including Singapore and Cambodia, laying the foundation to develop as a global K-convenience store.

Emart24 expects that the synergy created by the joint venture between Saison Group and Hallim Group will successfully pioneer the local convenience store market in Cambodia. Additionally, Emart24 and Saihan Partners anticipate that Cambodia’s potential, with an annual economic growth rate exceeding 7%, will be the foundation for the success of the convenience store business. Phnom Penh, the capital of Cambodia, has a resident population of 2.3 million and attracts 6.6 million tourists annually, making it a city with ample potential to expand the convenience store business.

Han Chaeyang, CEO of Emart24, said, "We are very pleased to enter Cambodia in partnership with Saihan Partners. We plan to do our best to ensure Emart24 successfully settles in Cambodia and will continue to review and execute expansion into various other countries in the future."