BGF Retail Receives Prime Minister's Award for Win-Win Growth Between Large and Small-Medium Enterprises

Park Jeong-gwon, Head of Communications at BGF Retail (right), is taking a commemorative photo after receiving the Prime Minister's Commendation for Win-Win Growth between Large and Small-Medium Enterprises at the '2022 Win-Win Growth Week Ceremony' on the 15th. (Photo by BGF Retail)

[Asia Economy Reporter Jeon Jin-young] BGF Retail, which operates the convenience store CU, announced on the 17th that it received the Prime Minister's Commendation in the group category for the first time in the industry at the ‘2022 Large and Small-Medium Enterprise Win-Win Growth Merit Awards’.

The Win-Win Growth Merit Awards held on the 15th in Mok-dong, Yangcheon-gu, Seoul, is an event hosted by the Ministry of SMEs and Startups and organized by the Win-Win Growth Committee. The award is given to individuals and groups who have contributed to enhancing corporate competitiveness and national economic development through mutual cooperation between large and small-medium enterprises.

BGF Retail was highly evaluated for establishing a foundation for future sustainable growth through ▲supporting the competitiveness improvement of small and medium partner companies and spreading a culture of win-win growth ▲supporting market expansion for small businesses and rural areas ▲operating franchisee win-win support systems and spreading a culture of mutual cooperation.

BGF Retail has created a win-win fund worth 23 billion KRW annually to provide low-interest loans to small and medium partner companies facing financial difficulties. Since 2013, it has also supported stable fund management by prepaying transaction payments before holidays. The amount prepaid before last year’s holidays reached 100 billion KRW.

They have also supported education to enhance the capabilities of partner company executives and employees, such as visiting management lectures and quality hygiene training. Additionally, they operate the ‘Open Small Business Consultation Day,’ a counseling service that provides new business opportunities and market support for small merchants.

Efforts are also being made to revitalize the domestic market by expanding the purchase of domestic agricultural and marine products. They have signed business agreements with local farms for raw material procurement and introduced convenient meals using local specialties, contributing to regional economic revitalization. The amount of domestic agricultural and marine products purchased by CU last year was about 1,000 tons, equivalent to approximately 24 billion KRW.

For franchise stores, support was provided to improve store competitiveness through new product introduction support and operational capability diagnosis incentives. They also worked to expand franchisees’ welfare through win-win agreements guaranteeing business rights for long-term franchise owners and operating win-win councils.

Since 2013, the CU Autonomous Dispute Mediation Center has been operating for over 10 years, where franchisees and headquarters, when disagreements arise during contract execution, seek reasonable solutions and lead voluntary adjustments with the participation of stakeholders and external experts.

In addition, BGF Retail has been supporting store renewal and waste disposal to overcome the management crisis caused by COVID-19, and has helped maintain stable store operations by supporting labor costs for substitute workers at stores where confirmed cases occurred.

Park Jung-kwon, head of communications at BGF Retail, said, “Based on the solid partnership built over more than 30 years with franchisees and small and medium partner companies, we have grown into a company like a good friend to our society. We will continue to lead the industry by creating an advanced culture of win-win growth and strive to become a company that breathes vitality into society.”