PETALING JAYA: MyNews Holdings Bhd will be bringing in and operating South Korea’s biggest convenience store known as CU.
In a statement yesterday, Mynews said it had signed a 10-year agreement with BFG Retail Co Ltd, which is South Korea’s biggest convenience store operator and owner of the popular convenience store brand CU.
Under the licensing agreement, Mynews said it will operate and sub-franchise CU outlets in Malaysia for 10 years, with an additional renewal term of 10 years.
Mynews said 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 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.
“To develop and operate one of the leading convenience store brands from South Korea together with our homegrown MYNEWS brand is in line with our vision to offer Malaysians the interesting choices and enriching shopping experiences, ” said Mynews founder and group CEO Dang Tai Luk.
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