MyNews has won a 10-year licensing agreement to operate South Korea’s CU convenience stores in Malaysia.
According to MyNews’ founder and CEO, Dang Tai Luk, the group aims to launch CU-branded convenience stores in the country by early next year and roll out 500 CU stores in the next five year.
“The addition of CU will open up new growth opportunities and enhance our capability to meet consumers’ demand,” the company said in a statement. “It will also increase the utilisation of our large-scale food processing centre as CU is a popular destination for its fresh food offerings.
“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.”
Dang Tai Luk said the group plans to open 30-50 outlets next year as it is taking precautionary measures due to the uncertainties caused by the pandemic. Founded in 2012 by BGF Retail, CU is one of South Korea’s biggest c-store chain with approximately 15,000 outlets in the country.