Golden Gate is About to Open a Convenience Store Business

meherulkhan35

The addition of the convenience store business shows Golden Gate's ambition to revive its business, as retail is the strength of this leading F&B business.

Golden Gate is about to open a convenience store business
Golden Gate is about to open a convenience store business
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Golden Gate Trading and Service Company (Golden Gate) has just Denmark Phone Number List announced information to collect shareholders' opinions on the addition of 4 business lines including: Management consulting activities; Retail sale of a variety of items in a convenience store (minimarket); Retailing food, food, beverages and other general goods through websites and mobile applications; Other retail sales not elsewhere classified.

In addition, this business is also expected to change its name from Golden Gate Trading Service Company to Golden Gate Group.



Notably, the addition of a convenience store industry shows Golden Gate's ambition to revive business, when retail is the strength of this leading F&B business.

Recently, the convenience store market in Vietnam is considered a "bright door" when witnessing a rapid increase in the number of brands such as Circle K, FamilyMart, GS 25, 7-Eleven , Ministop…

At the end of last year, GS25 - a joint venture between Son Kim Group and GS Retail, operating a convenience store chain system following the Korean model, was considered for an investment of about 20 million USD from the International Finance Corporation (IFC)  . ) of the World Bank.

After 4 years since its launch, GS25 is the chain with the second largest number of convenience stores in Vietnam - about 200 stores. With Golden Gate able to participate in this market , the "race" of convenience stores will become very attractive here.

Golden Gate is said to be in the restructuring phase, after the appearance of foreign shareholders with nearly 33% of the capital contributed by the former investor Prosperity Food Concepts and a small part of the capital contributed by the two co-founders. established the converted company for a new group of shareholders including Temasek; SeaTown Private Capital and Periwinkle.

In 2021, Golden Gate earned 3,318 billion dong in net revenue, down 1,241 billion dong, corresponding to a decrease of 27.2% compared to 2020. The company lost more than 430 billion dong after tax, while in 2020 it made a profit of more than 64 billion dong. This is also the first time the company has lost money since 2008.

Last year, Golden Gate set a target of total consolidated revenue of VND 7,002 billion, more than double last year. Profit after tax is expected to reach VND 375 billion and be profitable again.

In particular, the expansion of food and beverage chains is considered a core strategy. In addition to well-known brands such as: Kichi Kichi, Manwah, Gogi House..., Golden Gate has entered a new niche market of hospital meals with the service cluster Canteen - Coffee - Benhvientot Supermarket.