CU launches 50th convenience store outlet in Malaysia
The company is targeting to open more than 500 stores in Malaysia in five years.
South Korean convenience store chain CU has established its 50th outlet in Malaysia nine months after the company set up its first Malaysian outlet in Kuala Lumpur, Yonhap reported.
CU’s operator BGF Retail signed a brand licensing deal with Mynews Holdings in 2020. BGF Retail said 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 said the company and its Malaysian partner are targeting to open more than 500 stores in the Southeast Asian country within five years.
Malaysia marks CU's second overseas market. CU currently operates 130 stores in Mongolia after launching its first outlet in Ulaanbaatar in 2018. A BGF executive said the company will actively seek to tap into new overseas markets this year.