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E-mart is reportedly giving up its business in Vietnam and in fact, it is already selling its retail store in the region. It was said that there is a prospective buyer now and it is a local company.
Why E-mart was put up for sale
As per The Korea Times, E-mart in Vietnam has been struggling and faced many hurdles when the company tried to expand its operations there. To end the issues and avoid the retail store from going down further, it was decided to just sell this Vietnam unit of South Korea’s largest retailer.
It was revealed that with the acquisition deal, E-mart will be receiving royalty payments from the buyer in Vietnam. The Seoul-headquartered retail giant announced its plans to sell off 100% stake in Vietnam’s E-mart on Monday, May 17.
The company said that the board of directors agreed to sell the store to Truong Hai Auto Corporation (THACO) Group. This Vietnamese firm is one of the leading carmakers in the country and the fourth-largest company in the nation.
Now, since this is a 100% sale of the stake, E-mart will no longer run its Vietnam-based brand store. The management and operation will now be handled entirely by THACO.
"Our strategic alliance with THACO will not only pay us royalties for using the E-mart brand in Vietnam but also give us the opportunity to export our private brand products," a company employee shared.
E-mart is redesigning its discount stores
Meanwhile, Korea Joongang Daily reported that E-mart is redesigning its stores in S. Korea. Its retail chain outlets are still one with the most customers and the company wants to improve its looks.
The retail firm is said to be aiming to change E-mart’s appearance in Korea by transforming the stores into retail destinations that look more like a shopping mall. It was announced earlier this week that 15 discount outlets will be remodeled this year.
Finally, one reason for the overhaul is that the management saw a huge boost in sales after one of the branches was redesigned. Thus, the executives decided to renovate more stores.
