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Biz News Korea(Eng)
S. Korea’s BGF Retail opens convenience store in Iran
- Collected
- 2017.11.21
- Distributed
- 2017.11.22
- Source
- Go Direct
The operator of Korea’s largest convenience store chain CU said Tuesday it opened its first overseas CU outlet in Sadeghiyeh, a heavily populated district in capital Tehran. The 250-square-meter convenience store has given more shelf space to instant food and prepackaged meals to accommodate to the country’s alcohol ban, according to the retailer.
In July, BGF Retail signed a master franchise deal with Entekhab Investment Development Group, an Iranian home appliance manufacturing and retail firm, to advance into Iran.
Under the agreement, BGF Retail would receive stable royalty for providing brand licenses and business knowhow to Entekhab Investment Development Group, which will be in charge of investment and operations.
This comes five years after the Korean retailer stopped paying royalty to Japan’s FamilyMart following the launch of its independent convenient store brand CU.
The Iran entry is said to be led by Hong Jeong-guk, vice president of BGF Retail and the eldest son of Chairman Hong Suk-jo, amid increased competition in Korea’s saturated convenience store market.
BGF Retail plans to push its CU outlets in other major commercial districts of Tehran. A large opening event is scheduled next month.
By Baek Sang-kyung and Kim Hyo-jin
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