
South Korean convenience stores continued their modest growth last year on the back of a demographic change in the country, a growing number of single households, and the variety of items sold, industry data showed on Sunday.
Industry leader CU and its smaller rivals such as GS25 have emerged as a key retail outlet in the country by dwarfing their bigger and traditional retail channels in expansion, South Korea's News Agency (Yonhap) reported.
CU, run by BGF Retail Co., posted 3.37 trillion won (US$3.05 billion) in sales last year, up 7.6 percent from a year earlier, with its operating income also spiking 18 percent on-year to 124 billion won and the number of its outlets rising by 469 to 8,408.
"Rising demand for our own brands, combined with cost-cutting measures, helped boost our overall sales," an official at BGF Retail said.
Local convenience stores have introduced their own store brands, known in the country as "private brands," which have an edge over traditional and multinational labels in terms of price and costs.
They have also been shifting away from their conventional product mix of instant food and drinks to non-food items to foster loyal customers.
GS25, managed by retail giant GS Retail, logged a 8.8-percent growth in its 2014 sales at 3.5 trillion won, while suffering a 7.7-percent fall in its operating income at 111 billion won.
The number of its outlets rose 516 last year to reach 8,290, according to the data.
Korea Seven's convenience stores rose to 7,230 last year, up 139 from a year earlier, the data showed.
GMT 15:13 2018 Saturday ,20 January
US 'erred' in supporting WTO membership for China, RussiaGMT 17:22 2018 Thursday ,18 January
US industrial output in 2017 posts biggest gain since 2010GMT 17:12 2018 Thursday ,18 January
No more bonuses for Carillion bosses after UK collapseGMT 17:20 2018 Wednesday ,17 January
EU to remove Panama, South Korea from tax haven blacklistGMT 17:16 2018 Wednesday ,17 January
Citigroup reports steep Q4 losses tied to US tax reformGMT 17:11 2018 Wednesday ,17 January
Pressure rises on British govt over Carillion collapseGMT 17:52 2018 Monday ,15 January
Iran jetliner deal could take longer to complete, Airbus saysGMT 17:44 2018 Monday ,15 January
EU to remove Panama, Korea, UAE, 5 others from tax haven blacklist
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor