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The Korea Herald
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THE INVESTOR
March 28, 2024

Retail & Consumer

Convenience stores show rapid growth

  • PUBLISHED :November 16, 2016 - 10:25
  • UPDATED :November 16, 2016 - 10:25
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[THE INVESTOR] The number of convenience stores in South Korea has surpassed 33,000 as of the end of October this year, according to industry statistics on Nov. 16.

The number indicates a significant increase from 28,994 counted at the end of last year.

CU had the most with 10,634. Following were GS25 with 10,486 and 7-Eleven with 8,486. Japan-affiliated brand Mini Stop had 2,326, and With Me had 1,615.

There are some 100 others that are not part of franchises, according to the Korea Association of Convenience Store Industry.

South Korea‘s first convenience store opened in southern Seoul in May 1989.

The rising number of single-person households and aging society are funneling consumers to convenience stores that are near their homes and sell small portions, industry watchers say.

Convenience stores have been quick to adapt to such a customer base, expanding from conventional shelf goods, such as snacks and beverages, to lunch boxes and other kinds of meals for singles who don’t want to cook, as well as services, including delivery and financial transactions.

(theinvestor@heraldcorp.com)

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