Vientiane: Emart24 announced it will open its first outlet in Laos, marking the entry of a South Korean convenience store brand into the Southeast Asian country. The expansion is part of a strategic move to tap into the growing market in Laos.

According to Yonhap News Agency, the company has signed a master franchise agreement with Kolao Group, which was founded by South Korean businessman Oh Se-young. This agreement will see Kolao's 50 Kok Kok Mini convenience stores gradually converted into Emart24 outlets. The master franchise deal allows the franchisee not only to open and operate outlets in the designated region but also to subfranchise those rights to third parties.

Emart24 stated that details on the opening schedule of the first converted outlet will be announced later. This expansion into Laos marks Emart24's fourth overseas market following its successful entries into Malaysia, Cambodia, and India. The company attributes its interest in Laos to the nation's strong economic growth and increasing demand for Korean food products.

Laos has seen a significant rise in per capita food expenditures, with figures increasing from $677 in 2019 to $838 in 2023, at an average annual growth rate of 5.5 percent, as reported by the company. This trend underscores the potential for Emart24's growth in the region.

Currently, Emart24 operates approximately 6,100 outlets in South Korea and has expanded internationally with 102 outlets in Malaysia, seven in Cambodia, and one in India. The convenience store chain is an affiliate of Shinsegae Group, a prominent South Korean retail conglomerate that also manages department stores, discount stores, and other retail businesses.