Russia’s large retail chain lands in Korea… warehouse-style discount store ‘PriceFit’ aims to open 200 locations

Russia's warehouse-style discount chain Svetofor is entering Korea through local unit Sabalk, launching the 'PriceFit' brand.

The first store is planned for Hwaseong, Gyeonggi Province, as early as September and no later than year-end, with test stores in Hwaseong, Yongin and Asan.

The company plans to start expansion from regional cities and then move into the Seoul metro area, using a low-cost, warehouse retail model.

It aims to open up to 200 stores, which could intensify price and store competition in Korea's offline retail market.