Following Malaysia and Cambodia, now expanding to India
First store to open in Pune, second store planned for October
First Korean convenience store to enter the Indian market
On June 30, Emart24, a convenience store chain, announced that it had signed a brand license agreement at the main conference room of its headquarters in Seongdong-gu, Seoul, with Peter Jung, a first-generation Korean entrepreneur pioneering the Indian market, and Solitaire, a local real estate developer. With this agreement, Emart24 will become the first Korean convenience store to enter the Indian market.
Choi Jinil, CEO of Emart24 (left), and Peter Jung, a first-generation Korean entrepreneur in the Indian market, are posing for a commemorative photo after signing a brand license agreement for expansion into India at Emart24 headquarters in Seongdong-gu, Seoul, on the 30th. Provided by Emart24.
Solitaire is a real estate development company located in Pune, Maharashtra, India. The company is known for successfully leading 45 real estate projects to date, mainly developing luxury apartments and commercial districts. Emart24 plans to open its first store in Pune in August, followed by a second store in October, and will continue to increase the number of stores in the region.
Pune, Maharashtra, where a Korean convenience store is entering for the first time, is one of the seven largest cities in India. According to the Indian government's "Ease of Living Index," Pune ranked first out of 111 cities nationwide and is recognized as a major economic center along with Mumbai, the financial capital. The Pune area is home to numerous industrial complexes established by major IT and automotive companies, as well as many Korean enterprises.
Emart24 selected India as its third overseas market after Malaysia and Cambodia because the country has recorded a high economic growth rate every year. The company also considered the fact that 47% of the total population is under the age of 25, giving India the world's largest young demographic. The first Emart24 store in India will offer No Brand products and a variety of K-products. The store will also feature K-bunsik (Korean snack food) menus, which are currently enjoying global popularity.
The first Emart24 store in India will be located on the first and second floors of the 11-story Solitaire Business Hub, forming a duplex layout. The first floor will cover 182 square meters (about 55 pyeong), and the second floor will cover 82 square meters (about 25 pyeong), for a total of 264 square meters (about 80 pyeong). The first floor will include a dining area with 36 indoor seats and 32 outdoor seats, as well as a sales area for No Brand products. The second floor will feature 'Insphoto,' a Korean-style self-photo booth, and a cosmetics section, allowing Indian customers interested in Korean culture to experience K-beauty.
Choi Jinil, CEO of Emart24, said, "India is a young country with an average age of 28 and has tremendous growth potential. We are very pleased that Emart24 is the first Korean convenience store to enter the Indian market," adding, "We also plan to consider transitioning to a master franchise model and expanding into various other countries in the future."
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