E-mart to open first store in Mongolia

South Korean discount retailer E-mart said Thursday that it will open its first store in Mongolia later this month as part of efforts to expand presence overseas.

The new branch will be opened in central Ulaanbaatar on July 28 and be the country's first large discount chain that will also house a bank, a kids cafe and a hair salon, E-mart said.

The move comes as the discount outlet chain is moving to foster new growth engines and tap deeper into the new emerging market with a population of 3 million.

"Two to three stores will be additionally opened in Ulaanbaatar in the future to help local small and-medium sized firms expand exports to Mongolia," said Lee Gab-su, CEO of E-mart.

With the move, the discount retailer that once operated as many as 27 branches overseas will be operating 10, including eight in China and one in Vietnam.  (Yonhap)