The domestic food and retail industries are stepping up efforts to penetrate the Mongolian market. Companies see growth potential, as the country has a large young consumer base and strong interest in K-brands.

CJ Foodville announced on the 13th that it opened “Tous Les Jours Ulangom” in Ulangom, Mongolia, on the 1st. This is the first time a Korean brand has entered Ulangom. The store, a café-style bakery, is located on the first floor of a mixed-use building in the central plaza commercial district, with a floor area of 241m² (about 73 pyeong) and 54 seats. More than 600 customers visited the store on its opening day.

Emart opened the first No Brand specialty store in Ulaanbaatar, Mongolia, on the 10th. With a floor area of 836m² (about 253 pyeong), it is the largest among overseas No Brand specialty stores and sells more than 5,000 products, including No Brand items as well as Korean and local Mongolian products. Emart plans to increase the number of No Brand specialty stores in Mongolia to 50 within 10 years.

In a report published last year, the Korea Food Research Institute analyzed, “Mongolia has an average age of 28, with a large young population,” and added, “Preference for Korean products is increasing, particularly among younger generations who are familiar with foreign cultures.” In addition, following President Lee Jae-myung’s recent state visit to Mongolia, the two countries reached a principled agreement on a Comprehensive Economic Partnership Agreement (CEPA), which is expected to further support the expansion of domestic consumer goods companies into the Mongolian market.

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