PETALING JAYA, 12 Oct 2020:
MyNEWS Holdings Bhd plans to open 500 outlets of CU – South Korea’s convenience store chain – in Malaysia within the next five years, with the first store expected to be opened early next year.
MyNEWS founder and group chief executive officer Dang Tai Luk said the company is allocating up to RM40 million for the first two years of its licensing agreement with BGF Retail Co Ltd – South Korea’s biggest convenience store operator and CU brand owner.
“Next year, we plan to open around 30-50 CU stores as we are taking precautionary measures due to the uncertainties caused by the pandemic at the moment,” he told reporters at the signing ceremony of the agreement here, today.
As the Korean-wave (K-wave) culture continues to gain popularity in the country, Dang said CU’s entry into the retail landscape will make the K-wave culture more interesting and accessible.
“Developing and operating 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 interesting choices and enriching shopping experience.”
Dang said the addition of CU will open up new growth opportunities and enhance the company’s capability to meet consumers’ demand.
It will also increase the utilisation of MyNEWS’ large scale food processing centre as CU is a popular destination for its fresh food offerings, he said.
“Our passion and interest remain the same, which is retail convenience. Adding another winning brand to our group portrays our entrepreneurial spirit, the agility to improve and the ability to innovate to align and adapt with the changing times.”