Customers buy items at a GS25 location in Ulaanbaatar, Mongolia on Tuesday. (GS Retail)
Convenience store chain GS25 is opening three locations in Mongolia, in its second major overseas foray, the company said on Tuesday.
According to GS Retail, the firm behind the chain, it has partnered with Shunkhlai Group, one of leading conglomerates in the country, to enter the Mongolian market.
A launch event was held in both South Korea and Mongolia, livestreamed online on Tuesday, with company officials as well as dignitaries from both countries in attendance, including the South Korean ambassador to Mongolia Lee Yeo-hong who provided a congratulatory message, GS Retail said. The opening ceremony was also broadcast on Mongolia’s NTV, a local television broadcaster, the company added.
The three convenience stores are in the capital Ulaanbaatar, and one of the branches is located in the center of the city, close to the Genghis Khan Square and government buildings.
GS Retail said it has signed a master franchise contract with Shunkhlai Group, and will receive royalty fees from the partnership. The company aims to expand its business there to introduce 500 GS25 convenience stores in the country by 2025, it added.
Considering that over 70 percent of Mongolia’s population is under 40 years old, GS Retail will employ various marketing strategies to target young consumers, the company said.
By Jo He-rim (firstname.lastname@example.org