GS25 Allocates Additional Budget to Support Store Owners Nationwide in Response to COVID-19

[Asia Economy Reporter Cha Min-young] Convenience store GS25 has allocated an additional budget to support store owners in response to the novel coronavirus disease (COVID-19) crisis.

GS Retail, which operates convenience store GS25, announced on the 12th that starting from the 16th of this month, it will allocate a special budget of 2 billion KRW nationwide for store owners to provide emergency support. This is an additional emergency support measure following the special support program announced in February.

GS25 planned this additional emergency support after several meetings with the Store Owners' Council, reaching a consensus that more effective special support measures and practical assistance are necessary. GS25 aims to minimize store owners' losses and improve actual profits through store operation support, financial support, sales activation support, and damage relief until the end of COVID-19.

Accordingly, GS25 will expand the fresh food disposal support fund by an additional 30%, provide early payment of up to 50% of settlement funds up to 12 days in advance, offer a preferential interest rate of 0.7% on mutual growth loans, and run promotions on daily necessities and fresh foods to activate store sales for all store owners nationwide.

First, for about 100 major items, the fresh food disposal support amount will be increased by 30%, supporting up to 80%. Stores closed due to COVID-19 will receive 100% disposal support on the day of closure and the following day. An early payment plan for store owners' settlement funds has also been prepared, allowing 50% of the settlement amount to be paid up to 12 days earlier than the usual receipt date for those urgently requesting funds. The mutual growth loan interest rate will also be preferentially reduced to 0.7%. Additionally, plus-one and super special price promotions will be held for a total of 50 products, including 25 daily necessities and 25 fresh food items.

Furthermore, GS25 operates a labor call center to protect the rights of store owners and employees by enabling paid leave and living support expenses to be received from the government in case of hospitalization or quarantine due to COVID-19. GS25 also conducts pre- and post-disinfection at its own expense. In addition, hygiene kits including masks were provided to 1,300 store owners in the Daegu and Gyeongbuk regions, which were designated as ‘sales disaster areas,’ with additional disposal support and sales activation efforts for related stores. Masks have been distributed to all store owners nationwide, five per person.

A GS25 official said, “To share the pain of store owners going through great difficulties and to prepare practical and effective measures, we will provide a special additional support of 2 billion KRW every month until the end of COVID-19.” He added, “Going forward, GS25 will continue to implement various support policies to overcome the crisis together based on the strong trust relationship built over many years with store owners through win-win management.”

This content was produced with the assistance of AI translation services.