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S. Korea’s convenience chain CU opens 300th store in Mongolia www.pulsenews.co.kr
South Korea’s convenience store brand opened its 300th store in Mongolia since it entered the market five years ago, while it aims to operate 500 stores by June, up from the current 430.
According to BGF Retail Co., the operator of CU convenience stores, on Thursday, the latest store it opened in Mongolia is located inside a luxury apartment complex in the capital city Ulaanbaatar. The opening of the new Gerlug Vista store has made CU to become the country’s first retailer to operate 300 stores in a single overseas country.
BGF Retail plans to manage 500 CU stores overseas by June this year, up from the current 430 stores that include 130 in Malaysia.
The retailer said that the Gerlug Vista store offers 40 percent more differentiated products such as a diverse range of desserts and private labels than other stores in Mongolia given that many young consumers live in the building.
CU has been expanding its presence in Mongolia. It recently opened three stores in Darkhan, the country’s second-largest city, for the first time as a convenience store brand.
It took 26 months for BGF Retail to open 100 CU stores in Mongolia after its entry in 2018, 18 months to operate 200 stores, and only 10 months to manage 300 stores.
Sales of CU stores in Mongolia have soared 48 percent last year from a year ago. About 1,000 consumers visit each store in Mongolia every day, which is triple that of Korea.
The popularity of CU stores in Mongolia is in line with the high attention given to Korean food thanks to Korean contents such as music and drama. About 30 percent of the products sold at the stores are of the HEYROO private label.
One of the most popular items is the instant “GET” coffee. Each store sells about 200 cups every day, which is more than 10 times those sold in Korea.
Sales of simple prepared meals, such as bulgogi, or marinated beef, gimbap, or seaweed rolls, climbed 24.2 percent last year from a year ago. Sales of ready-to-eat food, like tteokbokki, or rice cake in spicy sauce, rose 117.4 percent during the same period.
By Noh Hyun and Han Yubin
Published Date:2023-03-10
