What is E-mart?
E-Mart is a large comprehensive supermarket under the Shinsegae Group of South Korea. Its biggest feature is its "department store" business format.
E-mart, a supermarket brand under South Korea's Shinsegae Group, has recently sold its five stores in Shanghai to Thailand's Charoen Pokphand Group, and the last store will be sorted out before the end of the year. As a result, E-Mart will withdraw from the Chinese market after 20 years of operation in China.
Development status of E-Mart:
E-Mart is a large chain of comprehensive supermarkets under South Korea's Shinsegae Group. The South Korean retail giant is preparing to expand rapidly in China.
According to information provided by relevant person in charge of E-Mart, Shinsegae Group is the largest commercial distribution group in South Korea, owning department stores, large comprehensive supermarkets and other business formats. E-Mart has 70 stores in South Korea, accounting for 32% of the market share in South Korea. The number of stores and sales volume exceed the total of Walmart and Carrefour in the local market.
In 1997, South Korea's Shinsegae opened its first E-Mart supermarket in China in Shanghai, and E-Mart has now opened five branches in Shanghai. According to Cao Tie, deputy general manager of Tianjin E-Mart, New World plans to open 25 branches in China, focusing on major cities such as Shanghai, Tianjin and Beijing to form a nationwide store network. It is reported that Easybuy will invest at least US$500 million to expand into the Chinese market.
As the largest commercial distribution group in South Korea, Shinsegae Group has chosen cooperative operation in China's chain retail industry. Its main partners are Shanghai Jiubai and Tianjin TEDA.
E-mart's current status:
1. Exit the Chinese market
On May 31, 2017, Chung Yong-jin, vice chairman of South Korea's Shinsegae Group, said that the group's E-Mart supermarkets will completely withdraw from the Chinese market. This is the first time that the group’s senior management has come forward to confirm the news that Easymart Supermarket will close its business in China. It is reported that E-Mart supermarket first entered the Chinese market in 1997 and has a 20-year operating history in China.
2. Full withdrawal
On August 24, 2017, New World Group Vice Chairman Zheng Rongzhen announced that E-Mart will withdraw from China by the end of the year. It is reported that EasyMart entered the Chinese market in 1997 and once had nearly 30 branches. However, due to continued deficits in performance, it was forced to make continuous structural adjustments and only 6 branches remain. According to statistics, the losses in China in 2016 alone amounted to 21.6 billion won (about 123 million yuan).
September 24, 2017 According to sources from South Korea's distribution industry and investment banks, E-mart, a supermarket brand under South Korea's Shinsegae Group, has recently sold its five stores in Shanghai to Thailand's Charoen Pokphand Group, and the last store will be sorted out before the end of the year.
From the outbreak of the epidemic last year to now, the number of people doing business overseas, engaging in cross-border e-commerce, and foreign trade has increased significantly.
The scale of China's cross-border e-commerce transactions has continued to rise in recent years. According to the data from the General Administration of Customs, my country's cross-border e-commerce imports and exports reached 1.69 trillion yuan in 2018, an increase of 31.1%, of which exports reached 1.12 trillion yuan, an increase of 40.1%. At present, more and more people are engaged in cross-border e-commerce. If you have high requirements for capital flow, you can learn about this company - Airwallex. Currently, the first year of collection and withdrawal is as low as 0 fee. Registration entrance: https://hub6.cn/J9PCws
This is the end of the introduction to E-mart in this issue. If you want to get more information about E-mart, please pay attention and we will continue to answer your questions~
