South Korea's E-Land Retail, the operator of Kim's Club, NC Department Store, and New Core Outlet operator, plans to enter the convenience store market.
The company announced on Thursday that it would complete the pilot operation of three directly operated stores by the first half of this year and start recruiting franchisees in the second half.
E-Land Retail opened its first Kim's Convenience Store in Bongcheon in June last year, followed by openings in Sinchon in January and Yeomchang in April.
Unlike the typical 24-hour convenience store model, Kim's Convenience Stores operate from 8 a.m. to 10 p.m., adjusting operating hours based on market needs.
Entering the convenience store sector as it sees growth, E-Land Retail views these stores as having significant potential due to their accessibility compared to larger supermarkets and department stores.
Kim's Convenience Stores are designed to be specialized outlets offering reasonably priced fresh foods, conveniently located close to customers' homes.
The stores also plan to feature local products to support regional prosperity and consumer convenience.
E-Land Retail aims to rapidly expand its network of franchisees, citing a strategy to reduce startup costs to a third of traditional convenience store costs through minimal interior decoration and other cost-saving measures.