Tourists from the United States and Canada have emerged as a core customer group for South Korea's convenience stores.
GS25, the convenience store chain run by GS Retail (007070.KS), said on the 1st that sales to North American customers rose 130.9% from a year earlier in the January-August period, based on an analysis of foreign customer data. That was the fastest growth among all foreign customer regions.
North America accounted for about 30% of total sales to foreign customers, a record high. Greater China remained the largest group at about 40%, but the gap with North America narrowed to around 10 percentage points.
North American shoppers mainly bought alcoholic drinks, including canned beer, wine and spirits, along with functional beverages such as sports and energy drinks. Canned beer sales were highest among North American customers of any foreign group. By region, growth was most pronounced in Gangwon State, where sales to North American customers surged 337.8% from a year earlier. Spending climbed sharply in east coast destinations including Goseong, Sokcho, Yangyang, Gangneung and Donghae.
GS25 said it will expand tailored store operations that reflect spending patterns by nationality and region, including placing English-language promotional materials at about 1,000 stores frequented by foreign visitors.
"Spending by foreign tourists is changing in diverse ways depending on nationality and region," a GS Retail official said. "We will analyze the data closely and work to establish ourselves as the convenience store that represents Korea for foreign customers."
