E-mart Mongolia opening second supermarket
Discount supermarket chain E-mart Mongolia is opening its second store at Solo Mall in Ulaanaatar.
Being run by Korea’s Shinsegae Group in partnership with local retail giant Altai Group, the outlet is in a rented 1540sqm space.
Its first Mongolia store, also a collaboration with Altai, has more than doubled its sales target since opening in July last year.
The expansion in Mongolian follows E-mart selling off five of its six remaining stores in China to Thailand’s retail giant Charoen Pokphand Group for its possible exit from the market, where its financial losses over the past four years have exceeded 150 billion won (US$132.6 million).
Shinsegae also plans to further expand by opening more supermarkets in other Southeast Asian countries like Vietnam. Its first store there reported 41.9 billion won in sales last year.