BGF Retail Partners with POSCO International for Overseas Expansion... "Aiming to Open First Joint Venture Store Next Year"

BGF Retail signed a business agreement on the 21st with global integrated business company POSCO International for a "joint entry into the overseas retail business."

[Asia Economy Reporter Lim Chun-han] BGF Retail announced on the 21st that it has signed a business agreement with global integrated business company POSCO International for "joint entry into overseas retail business."

Through this business agreement, both companies will seek new overseas expansion countries and new partners. POSCO International will support tasks such as local market research and partner discovery in candidate countries, maritime and inland transportation, overseas sales, and research on target products for overseas markets.

BGF Retail will be responsible for reviewing the business feasibility and risks of candidate countries based on its accumulated overseas expansion know-how. Once the target country is decided, it will systematically execute tasks including strategy establishment for applying the CU brand, differentiated product planning and supply management according to business development, IT and logistics system construction, and operational support.

They plan to actively review all countries worldwide, including the Asian regions where CU currently operates, keeping all as candidates, and aim to open the first joint venture store next year with a reliable local partner.

Joo Si-bo, President of POSCO International, stated, “We will actively strive to jointly pioneer new overseas markets with CU, the largest convenience store brand in Korea, and grow the retail business as a new growth engine for the company.”

Lee Geon-jun, President of BGF Retail, said, “Through collaboration with POSCO International, which has excellent global business capabilities, CU, aiming for the global standard of K-CVS, has laid the foundation for a new leap forward,” adding, “We will continue to strengthen various collaborations so that CU can grow as a representative brand of Korean convenience stores and a new export industry.”