EBRD promotes new retail format in Mongolia

Densmaa 2023-05-19 05:05

Economy

The European Bank for Reconstruction and Development (EBRD) is helping to introduce new retail formats in Mongolia by supporting the expansion of Digital Concept

The European Bank for Reconstruction and Development (EBRD) is helping to introduce new retail formats in Mongolia by supporting the expansion of Digital Concept, an operator of convenience stores. Digital Concept, which runs the GS25 convenience store franchise chain, will use a Bank loan of up to US$18 million to open as many as 63 new shops by the end of 2023 and to finance the construction of a food factory and logistics centre. The Bank’s financing will underpin the company’s investment programme, aimed at opening more than 100 new stores a year to 2027 in the country’s capital, Ulaanbaatar, as well as in the cities of Darkhan and Erdenet. The programme will implement a popular GS25 Korean convenience store model, introduce new food retail industry standards to the country and bring a wide range of food products, everyday items, and fresh food and drinks to Mongolian customers. As part of the project, Digital Concept will team up with a local college to establish an inclusive training programme for the company’s existing and new employees. It will provide access to certified training programmes essential to career development. To date, the EBRD has invested almost US$ 2.19 billion in Mongolia’s economy through 132 projects.