South Korean convenience store chain CU is setting its eyes on the Central Asian region, entering Kazakhstan under a partnership with CU Central Asia, the c-store operation arm of local ice cream manufacturer Shin Line.
CU’s first store there is set to open next year. The chain’s parent company BGF Retail said it plans to open more than 500 locations in the country in the next five years and is also considering expanding into neighbouring markets.
The company expanded into Malaysia in 2020 through a 10-year franchise agreement with MyNews. Since then, the chain has opened more than 130 stores in the country. Before Malaysia, BGF Retail also launched the CU chain in Mongolia and currently operates about 320 stores in the market.
Founded in 2012 by BGF Retail, CU is one of South Korea’s biggest c-store chains with more than 16,000 outlets as of last year, according to Statista.
BGF Retail reported a 6.5 per cent increase in net income for the first quarter of this year, reaching 27.7 billion won (US$20.6 million).