Russian Retail Chain Enters South Korea... Aims to Open 200 Warehouse-Style Discount Stores 'PriceFit'

Russian discount chain Svetofor is entering South Korea, aiming to expand its warehouse-style discount store 'PriceFit' to 200 locations, intensifying competition in the domestic offline retail sector. Svetofor, established in 2009 as a Russian warehouse retail chain, operates over 5,000 stores across 20 countries, including the European brand 'Mere.' In South Korea, the chain will operate under the brand 'PriceFit,' with its first store set to open in Hwasung by late 2023 after delays. The expansion plans include testing locations in Hwasung, Yongin, and Asan before scaling up, leveraging lower rental costs in suburban areas. SABALKEI, Svetofor's South Korean subsidiary, is actively securing locations and suppliers, while industry observers note the challenges of overcoming regulatory hurdles and declining offline retail trends.