Seoul, South Korea – In a bid to revitalize their businesses amid a prolonged slump, South Korea's top three retailers are intensifying their focus on grocery products. This strategic shift has ignited fierce competition among the industry giants as they vie for a larger share of the food retail market.
E-mart, the country's largest retailer, led the charge by opening its first dedicated grocery store, Food Market Suseong, in Daegu last December. This marked the retailer's first new store opening in over three years and represented a significant departure from its traditional multi-category format. The new store, spanning approximately 1,200 pyong (4,000 square meters), is primarily dedicated to grocery items, offering customers consistently low prices on food products.
E-mart is set to open a second Food Market store in Godeok-dong, Gangdong-gu, Seoul, in the first half of this year. The new location, situated near a large residential complex, is seen as a strategic move to capture a significant portion of the eastern Seoul market.
The company's decision to prioritize grocery comes as consumers increasingly seek fresh and affordable food options, particularly in the wake of the COVID-19 pandemic. By specializing in grocery, E-mart aims to capitalize on the ongoing demand for high-quality food products while differentiating itself from competitors.
[Copyright (c) Global Economic Times. All Rights Reserved.]
