Naver Partners with BGF Retail to Build Next-Generation Convenience Stores Based on Technology

Hansung-sook, CEO of Naver (left), Geonjun Lee, CEO of BGF Retail (right)

[Asia Economy Reporter Bu Aeri] Naver has partnered with BGF Retail. The two companies will develop a win-win model for small and medium-sized enterprises (SMEs) and build a new convenience store environment based on technology.

Naver announced on the 21st, "We have signed a memorandum of understanding (MOU) with BGF Retail to provide new customer experiences through the integration of online and offline."

The two companies plan to establish a cooperative relationship through various experimental collaborations linking online and offline platforms, on-site introduction of digital technologies such as cloud and artificial intelligence (AI), construction of next-generation convenience stores based on technology, and development of win-win models for SMEs.

They will continue long-term efforts to create social value that can coexist with SMEs. For example, by recommending products for sale based on online and offline data, they can contribute to increasing convenience store owners' sales, or enable popular Naver Smart Store sellers to have their selected products sold at CU convenience stores.

Han Seong-sook, CEO of Naver, stated, "As customer experiences online and offline converge in a rapidly changing business environment, we will conduct various experiments with BGF Retail to create new value."

Lee Geon-jun, CEO of BGF Retail, said, "The industry-leading competitiveness of both companies combined organically is expected to create various synergies," adding, "CU will lead innovation in convenience stores with Naver and provide customers with optimal convenience and new value."

Meanwhile, Naver and BGF Retail have previously collaborated in various fields, including convenience store delivery services through smart orders and offline payments at CU convenience stores using Naver Pay.