GS Retail announced on the 26th that its export performance has surpassed $9 million this year, fueled by the K-content craze.
GS Retail's export performance started at 200 million won in 2017. It has increased every year since, winning the export excellence award for $3 million in 2020 and $7 million in 2022. With this year's results, it has grown more than 65 times compared to its first year of exports, nearing a breakthrough of $10 million for the first time in seven years.
The number of export items, which was about 40 in 2017, has reached over 600 this year. The countries targeted for export are more than 30, including Europe, North America, the Middle East, Africa, and Asia. This year, due to the K-content craze, more than 10 products related to Netflix intellectual property (IP) partnerships achieved $2 million in exports, taking the top spot in overall export performance.
A representative from GS Retail noted, “We expanded exports by enhancing global export competitiveness and strengthening our product lineup in response to the rapidly changing domestic and international environment,” adding that “the localization strategy to enter markets considering each country's food culture and consumer trends was also effective.”
In particular, ahead of the highly anticipated Netflix original series “Squid Game” Season 2 premiere, GS Retail has pushed to expand into new markets in the U.S. and Australia, highlighting products like Dalgona and energy drinks. Additionally, it introduced private brand (PB) ramen such as Omori Kimchi Stew Ramen, Café25 fresh milk café latte, export-specific No meat ramen, and export-only Kakao smoothie.
GS Retail plans to achieve $10 million in exports by next year. To this end, it is expected to explore new markets, including halal, and increase entry into new distribution networks such as local grocery stores while also expanding export items like K-desserts.
Park Ji-hwan, Head of Team for export and import at GS Retail, said, “We will export more excellent products to raise the global profile of K-convenience stores and create synergies with small and medium-sized partner companies through exploring overseas market channels.”