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KUALA LUMPUR: MyNews Holdings Bhd
will operate and sub-franchise the popular South Korean convenience store brand CU under a 10-year agreement with BFG Retail Co. Ltd.
It said on Monday that its unit MYCU Retail Sdn Bhd had signed a licensing agreement with BGF Retail, which is South Korea’s largest convenience store operator and owner of the popular CU convenience store brand.
MYNews said that BGF founded and established the “Korean-style convenience store” model in 2012.
CU has more than 15,000 stores in South Korea and is expected to open in Malaysia in early 2021.
Under the license agreement, it will be for 10 years with an additional 10-year renewal period and will operate and sub-franchise CU’s outlets in Malaysia.
“By adding CU to our existing retail brands, namely MYNEWS, WH Smith and MYNEWS SuperValue, we are offering Malaysians a new South Korean shopping option and experience, which is in line with our core business and passion for retail convenience.
“The addition of CU will open up new growth opportunities and enhance our ability to meet consumer demand. It will also increase the utilization of our large-scale food processing center, as CU is a popular destination for its fresh food offering, ”said MYNews.
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