GS Retail and Muheop Host 'Overseas Expansion Consultation' for Small and Medium Manufacturers

Participation of 51 Companies Passed the First Document Screening

GS Retail announced on the 2nd that it will hold an 'Overseas Expansion Consultation' at COEX in Samseong-dong in collaboration with the Korea International Trade Association to support domestic small and medium-sized manufacturing companies in expanding overseas. A total of 151 small and medium-sized manufacturing companies from sectors such as food and beverages, cosmetics, and daily necessities applied to participate in the consultation, and 51 companies that passed the first document screening were given the opportunity to participate.

The consultation will be conducted as one-on-one face-to-face meetings between current merchandise planners (MDs) in charge of import and export at GS Retail and manufacturing companies. GS Retail will select manufacturing companies judged to have high product quality and marketability through the consultation and provide them with opportunities to participate in local pop-up stores held in five overseas countries (Mongolia, Vietnam, Hong Kong, the Philippines, Taiwan) in the second half of the year.

By participating in the pop-up stores, manufacturing companies can showcase their products in overseas markets and directly check local product preferences and market responses. Products with high consumer response may continue to be exported locally.

GS Retail and the Korea International Trade Association have been holding overseas expansion consultations since 2021 to support export businesses of small and medium-sized manufacturing companies lacking export experience and overseas networks. After the 2021 consultation, six companies recorded sales of 71 million KRW; in 2022, five companies achieved 314 million KRW; and in 2023, twelve companies reached 436 million KRW. As overseas export sales have steadily increased by 4.4 times and 1.4 times annually, it is expected that sales will exceed 500 million KRW this year.

Meanwhile, GS Retail obtained the status of a ‘Specialized Trading Company’ designated by the Minister of Trade, Industry and Energy in July 2021. Specialized Trading Companies are recognized as excellent export companies that meet requirements such as an average annual export performance of over 1 million USD in the past three years and a product export ratio of 20% or more for small and medium-sized enterprises. GS Retail plans to foster this status as a core pillar of ESG management by actively supporting the overseas expansion of small and medium-sized manufacturing companies and growing together.

Kim Eun-joo, head of the Export and Import MD Team at GS Retail, said, “We hold overseas expansion consultations every year to help excellent manufacturing companies grow and to spread K-brand products worldwide,” adding, “We will accelerate co-growth and performance creation by utilizing overseas local stores and various sales channels where GS Retail has expanded.”