E-Mart24 Inc., one of South Korea's major convenience store (CVS) chains, has signed an initial agreement with a South Korean real estate service company and a Cambodian food and beverage group to make inroads into the Cambodian market, company officials said Friday.
E-Mart24 signed a memorandum of understanding (MOU) with Hanlim Architecture Group and Cambodia's Saisons Brother Holding Co. on Thursday to commence a convenience store chain business in the Southeast Asian country.
E-Mart24 is the first South Korean CVS brand to operate a business in Cambodia.
Hanlim and Saisons plan to create a joint venture and later sign a formal contract with E-Mart24 for the CVS business, according to the officials.
E-Mart24 said it plans to open its first store in Cambodia in the first half of next year and expand to 100 CVSs by 2028.
Cambodia is the third country E-Mart24 is entering following Malaysia and Singapore, which currently have 39 and three E-Mart24 stores, respectively.
Source: Yonhap News Agency