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BGF Retail's South Korean convenience store brand CU is breaking ground in Central Asia, partnering with local firm Shin-Line to launch its first Kazakhstan store next year amidst plans for wider expansion.
CU is expanding its business overseas, and Kazakhstan is the latest country to be added to its portfolio. BGF Retail formally announced on Tuesday, June 20, that it is bringing its popular convenience store brand to the said nation located in Central Asia.
According to The Korea Herald, locals can expect to see the first CU store in their region within the first half of 2024. Starting from that point, the plan is to establish more stores and set up about 500 branches across the country in the next five years.
Kazakhstan will be the very first Central Asian territory to open CU stores. The collaboration between BGF Retail and Kazakhstan's Shin-Line was sealed this week through the signing of a memorandum of understanding (MOU) for a master franchise that was held in Seoul.
Under the contract, the operator of CU convenience stores will grant Shin-Line with rights to build and operate CU outlets, and in turn, BGF Retail will get royalties from the operations.
This is also a good time for the Kazakh firm to have the partnership because it is currently in the midst of expanding its business as well.
"Shin-Line has a competitive edge in handling temperature-sensitive products, particularly for its cold chain logistics and broad distribution network throughout Central Asia," a BGF Retail official said in a statement.
"The Kazakhstani convenience store market has great potential for the country's increasing purchasing power," the Korean firm added.
The Korea Economic Daily reported that the deal between BGF Retail and Shin-Line is a strategic move for the two sides since they are both working on their respective expansions. In any case, the franchise agreement will allow Shin-Line to be in complete control. It will single-handily build, operate, and manage the CU store business in Kazakhstan.
Photo by: CU Website
