South Korea’s CU convenience store chain to open in Vietnam
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South Korea’s CU convenience store chain will expand its footprint to Vietnam, its second international market after Mongolia.
BGF Retail, the operator of CU, signed a master-franchise agreement with CUVN, a Vietnam-based convenience store operator, on Tuesday. CUVN will be in charge of investment and operations in Vietnam market as BGF Retail contributes its brand and business background.
BGF Retail and CUVN plan to open their first store in Vietnam by June next year.
Park Jae-koo, CEO of BGF Retail, said the company will continue to expand internationally making forays into growing emerging markets.
With the new expansion, the South Korean convenience store operator expects to gain a strong position in the Southeast Asian market as Vietnam’s economy has witnessed significant growth during recent years.
Rival network GS25 has already launched in Vietnam, opening stores in Ho Chi Minh City.
Questions & Answers
Q.Which company operates the CU convenience store chain?
Which company operates the CU convenience store chain?
BGF Retail operates the CU chain. They signed a master-franchise agreement with CUVN for expansion into Vietnam, providing their brand and business background to the venture.
Q.What is the expected timeline for the first CU store opening in Vietnam?
What is the expected timeline for the first CU store opening in Vietnam?
BGF Retail and CUVN intend to open their first store in Vietnam by June next year. This is a significant step in CU's international expansion strategy in Southeast Asia.
Q.What role will CUVN play in the new Vietnamese venture?
What role will CUVN play in the new Vietnamese venture?
CUVN, a Vietnam-based convenience store operator, will be responsible for both the investment and operational aspects of the CU stores within the Vietnamese market. BGF Retail contributes the brand.
Q.Why is CU expanding into the Vietnamese market?
Why is CU expanding into the Vietnamese market?
The South Korean convenience store operator aims to secure a strong position in the Southeast Asian market, citing Vietnam's significant economic growth in recent years as a key motivator for this expansion.
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