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Shinsegae vice chairman steps up foreign market research

All News 11:18 June 10, 2018

SEOUL, June 10 (Yonhap) -- Shinsegae Group Vice Chairman Chung Yong-jin appears to have stepped up foreign market research ahead of the retailer's launch of a premium grocery store in the United States next year.

According to posts of Chung's Instagram account, he appeared to have visited a food exhibition in the Netherlands last month and held meetings with foreign partners to better gauge overall conditions.

Shinsegae vice chairman steps up foreign market research - 1

The move by Chung is viewed as efforts to step up research of foreign markets as Shinsegae plans to open a premium grocery store, or PK Market, in the U.S. by next May, according to group officials.

Shinsegae introduced a PK Market, a food store that sells international food ingredients, vegetables, fish and meat, at its shopping complex Starfield Hanam in 2016.

Shinsegae reported a 149 percent surge in its first-quarter net profit on the back of stellar performances from its department store and duty-free units.

Shinsegae's net profit came to 84.2 billion won (US$78.1 million) in the January-March period, compared with 33.8 billion won a year earlier, according to the company.

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