South Korea’s CU Opens 50th Location in Malaysia

The convenience retailer plans to open 500+ stores in five years in its second overseas market.

January 18, 2022

Malaysia

ALEXANDIRA, Va.—South Korea’s top convenience store chain CU has opened its 50th store in Malaysia, reports Retail in Asia. In April 2021, CU opened its first Malaysian location.

In October 2020, CU’s operator, BGF Retail Co., signed a brand licensing deal with Mynews Holdings, the No. 2 convenience store chain in the Southeast Asian country. Sales at its Malaysian stores have tripled following their brand change to CU, with South Korean products accounting for 70% of their combined top line.

BGF Retail and Mynews Holdings are aiming to open over 500 stores in Malaysia within five years.

CU currently operates about 130 stores in Mongolia after launching its first outlet in Ulaanbaatar in August 2018, and Malaysia is CU’s second overseas market. BFG plans to tap into new overseas markets this year after its successful launch in Malaysia.

In October 2020, CU launched a foot delivery program to make short runs. In South Korea, the local market has become more saturated by the top three chains—CU, 7-Eleven and GS25, all of which are looking for new markets outside of the country.

Stay tuned for details about the 2022 NACS Convenience Summit Asia, which will offer an immersive look into the future of convenience retailing. This year’s event is slated for July in Singapore.

Advertisement
Advertisement
Advertisement