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.
E-mart, which employs 3100 people and brings in average sales of KRW 670 billion ($596.75 million) per annum, will open a premium store-restaurant in Los Angeles next year called PK Market.
Inside Retail Asia