Simple Mart Retail Co (三商家購), which runs supermarket chain Simple Mart (美廉社) in Taiwan, announced that it would acquire the OK Mart (OK超商) convenience store chain for NT$125 million (US$3.96 million).
A board meeting held on Friday approved a plan for Simple Mart to acquire a 100 percent stake in OK Mart and its intellectual properties from the owners, Holmsgreen Holdings Co (豐群投資控股) and Lai Lai Department Stores Co (來來百貨).
Despite the acquisition, Simple Mart, a community-based supermarket operator, said it and OK Mart would remain two separate brands.
Photo courtesy of OK Mart
Simple Mart said the acquisition is expected to strengthen its service quality, boost operational performance, and eventually diversify products and services for consumers.
Industrial sources said the acquisition would allow Simple Mart to extend its reach into the convenience store business and integrate the large logistics resources for both.
The sources said the deal would help Simple Mart gain greater bargaining power in pricing negotiations, offsetting the challenges faced by medium-sized supermarket chains.
Simple Mart has more than 800 outlets across Taiwan, and 37 percent of its stores are operated as franchises.
The company plans to increase its number of outlets to 900 by the end of this year while raising the franchise ratio 45 to 50 percent.
OK Mart is estimated to have less than 800 stores and has been facing strong competition with other convenience store chains.
Simple Mart said after the acquisition deal is completed, it would report the sale to complete the ownership transfer.
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