April 27, 2024

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[THE INVESTOR] BGF Retail, the operator of Korea‘s largest convenience store chain CU, said on Nov. 21 it has opened a store in Iran.

The launch of the store in Tehran came about four months after the company signed an agreement with an Iranian firm Entekhab Investment Development Group to tap into the Middle Eastern country.

The company said the new store is the first convenience store in Iran, and the first overseas outlet by a Korean convenience store operator.

Korean convenience store operators have been eyeing overseas, as the local market, dominated by three chains -- CU, GS25 and 7-Eleven -- has become increasingly saturated.

The market size for convenience stores in Korea surpassed 20 trillion won (US$18.2 billion) last year, up 18.6 percent from the previous year, according to industry data.

By Alex Lee and newswires (alexlee@heraldcorp.com)