Korean convenience stores have introduced vending machines with investment gold. They have been successful with customers
Last autumn, South Korean chain GS Retail introduced vending machines in its stores on a trial basis, where gold bars can be bought. They have met with unexpected interest from customers, who have already spent CZK 420 million in them.
Small shops, which in our terms could be described as something between a convenience store, a convenience store and a curfew, are very popular in East Asia. You can usually buy almost anything there, from food to printing, cosmetics and stationery to, for example, various daily necessities, household items or essential items of clothing such as shirts and ties for men and stockings for women.
Investment gold is now also available at GS Retail’s South Korean stores. The company, which operates more than 10,000 such stores, installed gold vending machines in five outlets on a trial basis last September. However, customer interest was surprisingly high, and now there are around 30 machines in the entire GS Retail network, and the company plans to exceed 50 by the end of the year.
The ingots are available in five weights, ranging from 0.13 to 1.3 troy ounces (4 to 40.4 grams). According to the company, the smallest ingots are the most popular among customers, with a price of around CZK 4,960. From September last year to the end of May this year, Koreans spent nearly CZK 420 million in vending machines.
The UPI server quotes a representative of GS Retail as saying that young people between 20 and 30 years old buy gold in vending machines most often. He adds that it is currently a popular investment tool, especially after the recent collapse of the Silicon Valley bank.
Professor Lee Jun-hee of Inha University sees it similarly, but adds that vending machine bullion is something that is done for fun rather than being a serious investment vehicle. Their popularity is thus primarily due to their easy availability in mainstream shops, she says.
Source, photo: upi.com
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