SEOUL, April 1 (Yonhap) — CU has opened its first outlet in Malaysia as part of its overseas push, the operator of South Korea’s top convenience store chain said Thursday.
The 165-square-meter outlet started operations at a shopping mall in a middle-class neighborhood in the Malaysian capital of Kuala Lumpur, according to BGF Retail Co.
South Korean goods account for 60 percent of all products it carries. The store also sells CU’s popular private-label products and such “Korean street foods” as “tteokbokki,” a popular Korean snack made from rice cakes and red chili pepper sauce, and chicken “gangjeong,” or sweet-and-sour fried chicken, it added.
The store opening comes after BGF Retail signed a brand licensing deal with Mynews Holdings, the No. 2 convenience store chain in the Southeast Asian country, in October last year.
BGF Retail said the company and its Malaysian partner are targeting to launch 50 CU stores in Malaysia within one year and more than 500 within five years, emerging as the industry leader there.
Malaysia marks CU’s second overseas market. BGF Retail set up six stores in Ulaanbaatar, Mongolia, in August 2018 in line with its strategy to tap into overseas markets.
South Korea’s convenience store chain operators have been setting their sights overseas as the local market, dominated by three chains — CU, GS25 and 7-Eleven — has become increasingly saturated.