GS Retail has opened a new concept for its GS25 convenience store business, its first ‘future-ready’ shop, located in Seoul’s Insadong district. The ‘Ground Blue 49’ facility combines both cutting-edge technologies and Korean foodvenience offers to provide a unique retail experience for customers. Sporting a futuristic look and layout, the location spans 220 m2 and is divided into three different zones, including a retail tech area, a Korean food zone, and a K-noodle challenge site. The company aims to set up this cutting-edge facility to pilot new innovations and cater to international tourists. “Our goal is to provide unforgettable, special experiences and memories that can only be had offline, establishing this as Seoul’s new landmark convenience store,” said Kim Cheon-ju, head of the convenience store support division at GS Retail, according to a report by Korea BizWire. Shoppers are greeted by automated stands offering pizzas, coffee and ice cream upon…

Ampol has reported its results for the first half of 2024, with growth in convenience retail despite tough economic conditions. Ampol’s net profit nearly tripled from $79.1 million to $235.2 million, while its net profit on an RCOP basis fell 29 per cent from $329.6 million to $233.7 million. The company’s underlying earnings dropped 13 per cent to $502.1 million, which saw it slash its interim dividend by 37 per cent to 60 cents a share, down from 95 cents the previous year. One of the standout segments for Ampol was convenience retail and its New Zealand business, both of which saw profit increases. In Australia, convenience retail earnings grew 4.7 per cent to $175 million as shop gross margin continued to increase, reaching 37 per cent, through a combination of favourable product and channel mix, attachment and pricing. Matt Halliday, CEO of Ampol, said the company delivered a resilient…

A new State of Small Business Data Report, released today by Square and The Council of Small Business Organisations of Australia (COSBOA), shows Australian SMBs and micro businesses struggling to maintain resilience in the face of tough economic headwinds, with small business owners looking to policymakers and government for more support. Data from millions of transactions processed on Square between January 2023 and June 2024 reveals a two-speed economy in Australia, with local micro and small businesses recovering slower than their mid-market peers in the first half of 2024 (compared to the same period in 2023), and businesses growing at different rates depending on their location, sector, and size. For example, mid-market businesses dipped slightly into negative territory in the July and October 2023 (YoY) quarters before recovering to positive growth, whereas SMBs navigated a longer and deeper period of negative growth. Square data also shows spending across all sectors fluctuating…

Australian Association of Convenience Stores chief executive Theo Foukkare mentioned online (Herald Sun) on the 16 Aug 2024 around 12:00 PM Australian Association of Convenience Stores chief executive Theo Foukkare said he was “not surprised” tobacco store owners wanted to sell up. “Tobacconists who are only operating in the legal market have been losing revenue,” Mr Foukkare said. View article here.

Update: Seven & i’s market capitalization was approximately 4.6 trillion yen ($31.5 billion) as of Friday, according to a report by Nikkei Asia. If Couche-Tard buys 100% of Seven & i, the deal would have a value of at least 5 trillion yen ($34.13 billion), said the report. News of the offer triggered a 23% rise in Seven & i’s share price, said a Wall Street Journal report. After the rise, Seven & i’s market capitalization stood at 5.6 trillion yen ($37.9 billion), according to the newspaper, citing data provider Quick. Alimentation Couche-Tard Inc. (ACT), the parent company of the Circle K convenience-store brand, has submitted a “friendly,” nonbinding proposal to Seven & i Holdings Co. Ltd., the parent company of 7-Eleven Inc., to acquire all outstanding shares of the company. Seven & i has confirmed that it has received the confidential, nonbinding and preliminary acquisition proposal from Couche-Tard. “The company is focused on…

SINGAPORE – More national servicemen will have round-the-clock access to purchase daily essentials from unmanned Cheers convenience stores located in-camp, as the Singapore Armed Forces (SAF) and FairPrice Group (FPG) roll out such stores across camps islandwide. FPG and SAF announced on July 29 that they are working together to introduce 13 such 24-hour unmanned Cheers autonomous convenience stores in total across nearly a quarter of all SAF camps in Singapore by December 2024. There are a total of 42 SAF camps in Singapore. The first unmanned Cheers store was opened at the SAF Ferry Terminal in Changi in April 2024. Three more have opened since at Clementi Camp, Kranji Camp 3, and Sungei Gedong Camp in Lim Chu Kang. These stores will provide servicemen with easy access to some daily essentials, and a wide variety of food and beverages that are compliant with “the whole-of-government healthier food and beverage…