The largest discount retailer in the Republic of Korea, Emart, is holding the official opening ceremony for its first store in Mongolia on July 28. The South Korean chain store is aiming to expand its presence in the global market. The new Emart will be 7,603 square meters and will also house a bank, kids cafe, and hair salon. CEO of Emart Lee Gap Su said, "Two to three stores will be additionally be opened in Ulaanbaatar in the future to help local small and medium-size firms expand exports to Mongolia." The first Emart Mongolia store will be operated by local retailer Sky Trading, a subsidiary of one of Mongolia's largest business groups Altai Holdings. Sky Trading will cover 90 percent of the capital expenditure, while Emart will cover 10 percent. Emart will receive royalties in return for providing its brand, products, and consulting services to the Mongolian retailer.