South Korean convenience store operator BGF Retail taps Mongolia

Oyundelger 2018-04-20 05:04

Society

BGF Retail Co., the operator of South Korea's largest convenience store chain CU signed a franchise deal with a Mongolian company.

BGF Retail Co., the operator of South Korea's largest convenience store chain CU signed a franchise deal with a Mongolian company. Under the agreement, local retailer Central Express will take charge of investments and the operation of CU outlets in Mongolia, with the plan to open its first store in Ulaanbaatar within this year.  Mongolia is a promising market for the convenience store business with the number of people aged under 35 accounting for 65 percent of the total population. "We will accelerate our expansion into emerging markets with high growth potential to become a global convenience store operator," BGF Retail CEO Park Jae-Koo said.