Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Anthropic Drops $6 Billion Decart AI Acquisition Talks 
Longsys Raises $903 Million in Hong Kong IPO as Shares Debut Flat 
Volkswagen Job Cuts Put Lower Saxony Leader Under Political Pressure 
Spire Healthcare Shares Jump on £1.03 Billion Takeover Deal 
BOJ Set to Raise Rates to 1.25% as Inflation Risks Build 
Nvidia-Groq AI Chip Deal Faces U.S. Antitrust Probe 
Google Revamps EU Search Results to Meet DMA Rules 
China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
Huawei Launches Mate XT2 Foldable Phone in China 
Global Central Banks Brace for More Rate Hikes as Inflation Risks Rise 
Kioxia Rules Out SK Hynix Manufacturing Partnership 
Japan Producer Inflation Eases to 7.6% in August 
Asian Stocks Slide as Oil Surge Fuels Rate Hike Fears 
China Inflation Accelerates in August as CPI, PPI Rise 
Add as a preferred source on Google
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
