MYNews to operate S. Korea’s CU stores under 10-year deal

Kuala Lumpur, 12 Oct 2020,

MyNews Holdings Berhad will operate and sub-franchise South Korea’s popular convenience store brand CU under a 10-year agreement with BFG Retail Co. Ltd.

It said on Monday its unit MYCU Retail Sdn Bhd had signed a licensing agreement with BGF Retail, which is South Korea’s biggest convenience store operator and owner of the popular convenience store brand CU

MYNews said BGF founded and established the “Korean Style Convenience Store” model in 2012.

CU has more than 15,000 stores in South Korea is expected to be opened in Malaysia in early 2021.

Under the licensing agreement, it will be 10 years with an additional renewal term of 10 years and it will operate and sub-franchise CU outlets in Malaysia

“By adding CU to our existing retail brands namely, MYNEWS, WH Smith and MYNEWS SuperValue, we are offering Malaysians a new choice and shopping experience from South Korea, which is in line with our core business and passion in retail convenience.

“The addition of CU will open up new growth opportunities and enhance our capability to meet consumers’ demand. It will also increase the utilisation of our large scale food processing centre as CU is a popular destination for its fresh food offerings, ” MYNews said.