Korean Firm Embarks on Ambitious Venture to Establish 100 E-mart 24 Stores in Cambodia by 2028

• 27 December 2023
• Property Focus
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In a strategic move to tap into Cambodia’s thriving retail landscape, Hanlim Architecture Group, a prominent real estate services company, has finalised a groundbreaking agreement to facilitate the entry of Korean convenience store giant E-mart 24 into the Cambodian market. This collaboration unfolds through the joint venture Saihan Partners, established earlier this year as a partnership between Hanlim Architectural Group and Cambodian retail leader Saisons Brother Holding Corp, according to The Investor on 27 December 2023.

The formal agreement, signed at the headquarters of E-mart 24 in Seoul marks a significant milestone for the joint venture. Attended by key figures including Hanlim Architecture Group Chairman Park Jin-sun, E-mart CEO Han Chae-yang, and Saihan Partners CEO David Sambo, the ceremony solidified the commitment to reshape Cambodia’s retail landscape.

Saihan Partners, as per the agreement, envisions the inauguration of E-mart 24’s first outlet in Phnom Penh, the capital of Cambodia, in the first half of the coming year. The venture aims to progressively expand its footprint, reaching a remarkable 100 stores by 2028.

Hanlim officials shared insights into their strategy, emphasising the establishment of E-mart 24 as a hub for Korean food cultural experiences. Beyond the traditional convenience store model, the vision includes the incorporation of food delivery services in collaboration with local delivery companies, offering Cambodian consumers a holistic and immersive culinary journey.

Hanlim Chairman Park expressed enthusiasm, stating, “Leveraging our expertise in Korean architectural design and construction, we seek to introduce a new Korean Wave to Cambodia. We will strive for E-mart 24 to become loved by the Cambodian people, allowing them to experience the taste and flavour of K-food.”

The venture into Cambodia’s food market aligns with the company’s recognition of the country’s immense market potential. Cambodia, boasting a robust annual GDP growth rate exceeding 7% until the pre-pandemic era, has regained its growth momentum, with a projected growth rate of 6.6% in 2024 according to the local government. The anticipation is fuelled by the resurgence of the tourism sector, with Phnom Penh attracting approximately 6.6 million foreign visitors annually before the pandemic.

Hanlim Architecture Group, having established its regional branch in Cambodia in 2017, continues to fortify its presence in the Southeast Asian real estate market. This ambitious venture with E-mart 24 not only signifies a strategic business move but also heralds a cultural exchange, bringing the best of Korean culinary experiences to the vibrant streets of Cambodia. As the first E-mart 24 store opens its doors, it will not just be a convenience store but a cultural bridge fostering a deeper connection between two nations.

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