[THE INVESTOR] Korea’s top convenience store operator BGF Retail on Aug. 23 announced that it has opened six new CU outlets in Mangolia, including the first at Shangri-La Hotel in Ulaanbaatar.
In April last year, the Korean company signed a master franchise contract with a local company Central Express, which is the retailing arm of Mongolian conglomerate Premium Group.
“After becoming an independent operator in 2012, CU has successfully grown to become a company that even earns royalties from foreign operators,” BGF Retail Chairman Hong Suk-joo said in a statement. “We aim to not only grow in Korea, but also globally.”
The CU operator plans to sell more Korean food and desserts at its outlets. An store in Mongolia carries over 100 kinds of popular Korean cosmetics and private label brands to cater to young customers who have interest in Korean culture due to the rising popularity of K-pop.
CU also operates nine overseas stores in Iran, which started operations in November last year.
By Song Seung-hyun (email@example.com)