] BGF Retail, the operator of Korea’s largest convenience store chain CU, said on July 14 that it has signed a franchise deal with an Iranian company.
Under the agreement, home appliances firm Entekhab Investment Development Group will take charge of investment and operation of the outlets in the Middle Eastern country.
The announcement came as competition in Korea’s CVS business, dominated by three chains -- CU, GS25 and 7-Eleven -- is heating up.
The market size for CVS in Korea surpassed 20 trillion won (US$17.50 billion) last year, up 18.6 percent from 17.2 trillion won the previous year, backed by fast growing one-person households and aging society, according to industry data.
By Alex Lee (firstname.lastname@example.org