BGF Retail to open 1st CU convenience store in Hawaii this year

SEOUL, May 27 (Yonhap) -- BGF Retail Co., the operator of CU convenience stores, said Tuesday it will open its first CU outlet in Hawaii this October as part of its global expansion strategy.

The company has established a local subsidiary and signed a master franchise agreement with CU Hawaii LLC, a new entity set up by local firm WKF Inc., it said in a press release.

Under a master franchise agreement, the master franchisor grants the master franchisee the right not only to open franchise units in a specified area but also to sub-franchise them to third parties.

"At overseas outlets, the company will introduce gimbap, which is gaining popularity in the U.S. as a healthy food, and instant ramyeon cooking stations, a must-try experience for tourists in South Korea," the release said.

The world's first convenience store was launched in the United States in 1927. BGF Retail will be the first South Korean retail company to enter the U.S. convenience store market, the company said.

Hawaii will become the fourth overseas market for BGF Retail's convenience store business, following Mongolia, Malaysia and Kazakhstan, it said.

The company currently operates a total of 680 CU outlets across those three countries, in addition to 18,600 domestic locations.

It aims to expand to 500 outlets in Mongolia this year, and 500 each in Malaysia and Kazakhstan by 2028 and 2029, respectively.

kyongae.choi@yna.co.kr
(END)