E-mart US buys supermarket operator
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South Korean discount retail chain E-mart is acquiring US food retailer Good Food Holdings for US$270 million. A subsidiary of retail conglomerate Shinsegae, the E-mart US acquisition intends to stabilise and expand its operations in North America. It is the company’s first acquisition of an overseas firm.
Good Food operates 24 stores across the American West under three brands: Bristol Farms, Lazy Acres and Metropolitan Market. Its original executive board will be retained by E-mart.
Good Food Holdings employs 3100 people and brings in average sales of KRW 670 billion ($596.75 million) per annum. E-mart plans to open a premium store-restaurant in Los Angeles next year called PK Market.
Questions & Answers
Q.What is the strategic goal of E-mart's acquisition of Good Food Holdings?
What is the strategic goal of E-mart's acquisition of Good Food Holdings?
The acquisition aims to stabilise and expand E-mart US's operations within North America. This marks the South Korean discount retail chain's initial purchase of an overseas company, signalling a clear intent for international growth.
Q.How many employees and stores does Good Food Holdings operate?
How many employees and stores does Good Food Holdings operate?
Good Food Holdings employs 3,100 people and operates 24 stores. These stores are located across the American West, trading under three distinct brands: Bristol Farms, Lazy Acres, and Metropolitan Market.
Q.What are the current annual sales figures for Good Food Holdings?
What are the current annual sales figures for Good Food Holdings?
Good Food Holdings generates average annual sales of KRW 670 billion. This figure translates to approximately US$596.75 million, making it a significant acquisition for E-mart US.
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