Convenience stores tapping into overseas market with PB products

Amid a stagnant domestic economy, Korea’s convenience store chains are tapping into markets abroad to sell private brand products, industry sources said Tuesday.

Major convenience store chain CU is exporting its self-branded cheese-flavored and red pepper-flavored instant noodles to Jumei, a Chinese online retailer.

GS25, meanwhile, has been selling its own Chinese-style instant noodle product Gonghwachun in Australia and New Zealand. The product was made in partnership with a Chinese cuisine franchise.

Last year, 7-Eleven Korea was the first Korean retailer to sell dried laver and low-price, self-branded snacks produced in cooperation with small and medium-sized manufacturers.

Shinsegae’s convenience store unit With Me began selling hangover-cure ice cream Gyeondyeo Bar in Russia in May, according to a company source.

“Private brand goods’ sales abroad will not just find a way out for retail giants. This will be an opportunity for small and medium-sized enterprises to develop inroads into overseas markets,” a source said.