Emart buys US food retailer

Date : 10 December 2018

South Korean’s largest retail chain Emart snatched up US food retailer Good Food Holdings for $275mn.

Emart’s first foreign acquisition

California-based Good Food operates 24 stores under three banners: Bristol Farms, Lazy Acres and Metropolitan Market. With this acquisition, Emart will gain 12 Bristol Farm’s stores, five Lazy Acre’s and seven Metropolitan Market stores. This is Emart’s first foreign acquisition. Good Food’s executive board will be retained.

We are not planning to make any changes in the management of Good Food Holdings,” said an Emart spokesman. “Nothing in the operations of the three grocery chains will change in the immediate future.”

Break into the US market

The acquisition of Good Food sees Emart break into the US market in a big way. It intends to provide the retailer with stability and allows it to expand operations in North America. In October, Emart made an announcement to open a premium grocery store, called PK Market, in Los Angeles next year. PK Market will be in direct competition with a nearby Whole Foods Market store.

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