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Emart

Summary

Emart Inc. (Korean: 주식회사 이마트) is the largest retailer in South Korea. It was founded on 12 November 1993, by Shinsegae, as the first discount retailer in South Korea.[3] There were 160 stores across the country as of December 2016.

Emart Inc.
Company typePublic
KRX: 139480
IndustryRetailing
Founded1993; 31 years ago (1993)
Headquarters
Seoul
,
South Korea
Number of locations
178 in South Korea,[1] 4 in Mongolia,[2] 1 in Vietnam
Area served
South Korea, Vietnam, Mongolia
Key people
Kang Heui-seok (CEO)
ProductsGroceries, consumer goods
OwnerLee Myung-Hee
ParentShinsegae
Websitecompany.emart.com
Emart store in Gwangju, Korea

Emart is Korea's oldest and largest discount store chain, with a total sales volume exceeding US$9.4 billion in 2009. With new store openings and the acquisition of Walmart Korea in 2006, Emart enjoys its retail leadership in the discount store market.[4] Emart offers everything from food to clothes to diapers and provides a huge variety of merchandise. Emart has a website where products can be bought or viewed online.[5]

Emart is the first Korean retailer to open a retail store in China. In January 2011, there were 27 stores in China.[6] By February 2014, China's store count shrunk to 13 stores.[7]

History edit

Emart opened its first store in Chang-dong, Dobong-gu,[8] Seoul, on November 12, 1993, and opened its first Emart Ilsan branch (No. 2) in Ilsan New Town on September 8, 1994. It was the first large retail store in South Korea.[9][10][11] It was constructed by Kumho Engineering & Construction at the time, and when the friction between Kumho Engineering & Construction and Emart broke out, Kumho Emart became the main body of lease.

On July 7, 1995, the third Ansan branch (closed in December 2012[12]) opened and, on December 1, 1995, the fourth Bupyeong branch (closed on June 28, 2018). On November 22, 1996, the fifth store opened in Jeju; on November 30, 1996, the sixth store opened in Bundang. On February 1, 1997, it became the first Korean retailer to enter China, opening its seventh Emart store in China and the first Emart store in Shanghai. On April 29, 1997, the company opened its eighth Namwon branch, its ninth Anyang branch on August 14, 1997, and its tenth Seobusan branch on August 29, 1997. On October 1, 2004, Emart opened an Internet shopping mall.[13] In May 2006, Walmart acquired Walmart Korea, converting 16 Walmart stores into Emart stores. At this time, Walmart Korea was accepted and changed to Shinsegae Mart, and in 2008 it was merged entirely with Emart. For a period of time, Emart implemented a "lowest compensation system" that gave gift certificates worth 5,000 won if items were more expensive than other discount stores but ended the promotion in 2007, saying that some advertisements are false hype.[14]

As of September 2009, Emart has 127 and 4 distribution centers in South Korea, with 22 stores in the People's Republic of China.[15] Emart stores in China also sell Korean products.

On May 13, 2011, Emart acquired Kim's Club Mart.[16]

Emart opened a store in Ho Chi Minh City on December 28, 2015 and opened its second store in Sala, District 2, Ho Chi Minh City on November 3, 2022.

On April 8, 2016, the "Mart" experience center was opened in Busan, Kizania, and on July 28, 2016, it was opened in Ulaanbaatar.

It announced its withdrawal from China on May 31, 2017.

American company Good Food Holdings, Inc., parent of Bristol Farms, was acquired in 2018 by Emart for $275 million.[17] In December 2019, owner Endeavour Capital announced that it would be selling the grocery chain New Seasons Market to E-mart, specifically to its subsidiary, Good Food Holdings, in a sale transaction that was finalized in early 2020.[18][19][20]

On May 16, 2018, the Gyeongsan branch and Bupyeong branch closed due to poor performance and overlapping commercial districts with the Gyeyang branch, Shizikolong Skychae will be built after demolition, and the Bupyeong branch will be built in Bupyeong Jewell. In addition, the company closed its Ulsan Hakseong Branch, Goyang Duck Branch, Incheon Branch, Gwangju Sangmu Branch, and Seobusan Branch[21] and sold all of Costco Korea's shares to Costco's Washington headquarters.[22]

In 2021, Emart24 convenience stores expanded to Malaysia to directly compete with CU, which Emart24's first Malaysian store launched a little later in the same year.[23]

In January 2022, Emart acquired a majority stake (80.01%) in the former eBay Korea, which it renamed "Gmarket Global". EBay retained a 19.99% stake in the company.[24]

In December 2022, Emart24 launched in Singapore with the launch of the first two outlets on Christmas Holidays. During the launching event at Jurong Point outlet, chief executive Andy Choi has planned to launch 300 stores within the next five years.[25]

Controversies edit

Food Safety

  • In September 2007, the Korea Food and Drug Administration announced that chlorphenapir, a pesticide component, was detected above the standard in Emart's first water powder green tea sold under its own brand.[26]
  • On November 28, 2008, the Agricultural Quality Management Agency cracked down on Emart's Namyangju branch marking the country of origin as U.S. on the top of the meat package, but double marking as Australian was found on the barcode below.[27]

References edit

  1. ^ "점포찾기". Emart.,
  2. ^ "Е-Март Монголд". Emart Mongolia.,
  3. ^ 이마트‥국내1위 할인점 넘어 글로벌기업 도약 -hankyung, 2007-04-16
  4. ^ 〈초점〉국내에도 곧 「가격파괴」 바람 일 듯 - yonhapnews, 1994-10-01
  5. ^ "이마트몰, 당신과 가장 가까운 이마트". emart.ssg.com.
  6. ^ 易买得 Archived 2011-01-13 at the Wayback Machine
  7. ^ "请选择门店". Emart. Archived from the original on 2011-01-13.
  8. ^ 《모험과 도전-변신에 성공한 기업들》 (1) 신세계 ‘이마트’ - 서울신문, 2007년 4월 17일 기사
  9. ^ 이마트‥국내1위 할인점 넘어 글로벌기업 도약 - 한국경제, 2007년 4월 16일 기사
  10. ^ 한국까르푸(주)를 인수한 (주)이랜드월드의 신용등급 유지 Archived 2007-10-06 at the Wayback Machine, 한국신용정보주식회사 (PDF 문서)
  11. ^ 주요 유통 업태 현황 및 2007년 전망 Archived 2021-06-02 at the Wayback Machine, 하나 산업정보 (PDF 문서)
  12. ^ 이마트 설립 뒤 첫 ‘폐점’ 나와 한겨레 - 2012년 12월 18일 기사
  13. ^ 「할인점 1위」이마트, 인터넷 쇼핑몰 진출 - ZDNet Korea, 2004년 9월 30일 기사
  14. ^ 이마트, 내달부터 최저가보상제 폐지 - 머니투데이, 2007년 7월 16일 기사
  15. ^ 신세계 사업현황 Archived 2007-08-19 at the Wayback Machine - 신세계닷컴, 2007년 8월 19일 읽어봄
  16. ^ 이마트 "킴스클럽마트 인수가 비쌌다"
  17. ^ Allen, Anne (7 December 2018). "Emart Acquires Good Food Holdings for $275 Million". And Now U Know. Retrieved 2020-08-12.
  18. ^ Rogoway, Mike (December 10, 2019). "Upscale Portland grocer New Seasons sold to South Korean company, scraps expansion plans". The Oregonian. Retrieved December 10, 2019.
  19. ^ "Natural retailer New Seasons Market sold to Good Food Holdings". Supermarket News. 2019-12-10. Retrieved 2020-02-24.
  20. ^ Davidson, Kate. "New Seasons Market Selling To Good Food Holdings". Oregon Public Broadcasting. Retrieved 2020-02-24.
  21. ^ '정용진의 남자' 강희석 대표, 이마트 '구원투수' 될까 - 아이뉴스24
  22. ^ 이마트, 코스트코 지분·임대 부동산 모두 매각 - 뉴시스
  23. ^ Loh, Lainey (June 23, 2021). "Emart24 Malaysia: An Artisanal Slice Of South Korea Arrives In Malaysia". Tatler Asia. Retrieved August 14, 2022.
  24. ^ Lee, Tae-hee (January 19, 2022). "Gmarket Global is new name for eBay Korea". Korea JoongAng Daily. Retrieved June 11, 2022.
  25. ^ Quek, Eunice (December 23, 2022). "South Korea's Emart24 opens in Singapore: A first look at what's on the menu". AsiaOne.
  26. ^ 이마트 판매 녹차에서 농약 검출. 조선일보 (in Korean). 2007-09-05. Archived from the original on 2018-03-21. Retrieved 2021-05-30.
  27. ^ 오관철 (2008-12-03). 이마트 美쇠고기 '호주산' 둔갑. 경향신문 (in Korean).

External links edit

 
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