CU stores to be opened overseas with Posco International's help

BGF Retail teamed up with Posco International to expand its business overseas.

A CU convenience store in Kuala Lumpur in Malaysia [BGF RETAIL]

BGF Retail teamed up with Posco International to expand its business overseas.

BGF Retail, which own the CU convenience store brand, said on Thursday that it signed an agreement with Posco International to jointly seek business opportunities abroad.

The two plan to operate CU stores with local partners.

CU stores are operated in Mongolia and Malaysia. But BGF Retail hopes to expand the number of CU outlets globally based on the global networks of Posco International.

Posco International has around 80 offices abroad, including in the United States, China, Myanmar and Germany.

BGF hopes to open the first CU store in a new country with a local partner based on Posco International’s network next year.

Posco International said it could benefit from the partnership by using CU’s infrastructure to sell food products like meal kits made by start-ups that it teamed up with to expand its food tech business, according to a spokesperson for the company.

BGF Retail CEO Lee Keon-jun said in a statement that CU has “secured a new foothold for a new leap” in business. Posco International CEO Joo Si-bo said that the company will “actively work to pioneer an overseas market with CU.”

BY JIN MIN-JI [jin.minji@joongang.co.kr]