South Korea’s largest retailer is breaking into the U.S. market in a big way. The supermarket chain recently snatched up Good Food Holdings, California-based holding company of upscale grocery chains Bristol Farms, Lazy Acres Market, and Metropolitan Market, for $275 million. Although the chain has shown interest in the U.S. before, this is its first foreign acquisition.
Good Food Holdings has a current revenue of nearly $598 million a year and a total of 3,100 employees that work for the company and its operations. With this acquisition, Emart will gain Bristol Farms’ 12 stores across the LA and San Diego areas, as well as Lazy Acre’s five stores in the two cities. It will also take under its wing the Seattle-based Metropolitan Market, which operates seven stores.
According to news source Korea Joongang Daily, Emart announced the purchase on Friday and promised that nothing would change after the acquisition.
“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.”
How will this acquisition better position Emart’s expansion into the United States grocery market? Deli Market News will keep its ears open for the latest.
