MyNews plans 500 CU stores in 5 years

Malaysians will get to experience K-culture through an overall convenient shopping experience at CU

By HARIZAH KAMEL / Pic By ARIF KARTONO

MYNEWS Holdings Bhd aims to open 500 CU stores in Malaysia within the next five years following the opening of CU’s maiden store at Centrepoint Bandar Utama in Petaling Jaya, the first in South-East Asia.

Known as South Korea’s number one and largest convenience store, CU by BGF Retail Co Ltd currently has 15,000 stores in Korea and 110 stores in Mongolia.

In Malaysia, CU will be operated by MyCU Retail Sdn Bhd, a wholly-owned subsidiary of MyNews.

MyNews founder and group CEO Dang Tai Luk said the launching is a significant milestone for both the company and BGF Retail.

“CU fits well into our expansion plan and our vision to be the most preferred convenience store in the country. We are offering Malaysians a new choice and shopping experience.

“With MyNews’ 24 years of knowledge and having the best infrastructure in operating consumer value stores (CVS), combined with the best support from BGF Retail, we are confident that CU will become a top CVS in the country,” he said during the launch yesterday.

CU is a CVS destination where Malaysians will get to experience Korean culture (K-culture) through the overall convenient shopping experience.

It offers a variety of K-range, from freshly cooked in-store street food to popular beauty products, and sought-after packaged beverages and snacks.

Additionally, Dang said consumers can look forward to a variety of Korean-inspired ready-to-eat (RTE) food and bakes which are freshly made from MyNews’ halal-certified large-scale food processing centre.

MyCU Retail CEO Low Chooi Hoon said the company expects a breakeven profit margin per store basis within two years, adding that the second to fifth CU stores are currently being developed.

“Our second outlet will be announced in a matter of weeks and we will focus on opening stores in the Klang Valley first. CU is also available on Grab for customers to order,” she said.

South Korea Ambassador to Malaysia Lee Chi-beom said the launch marks another breakthrough in the history of bilateral cooperation between the Republic and Malaysia which he said has marched a long way towards co-prosperity as reliable partners for the past 60 years.

“We have been expanding cooperation in areas of mutual benefit such as construction, energy, chemical and advanced manufacturing.

“In recent years, with the combination of Korean Wave and Malaysia’s halal industry, we are also witnessing increased cooperation in culture and consumer good sectors,” he said.

Meanwhile, BGF Retail group CEO Lee Keon-jun said with CU being a growing global brand, the group is confident with the opening of this first store as it is a steady progress towards sharing the best of K-culture.

MyNews’ shares broke the RM1 point yesterday, trading at a one- year high of RM1.06 and low of 90 sen, before closing at RM1.02, with 15.96 million shares changing hands. The company is valued at RM695.8 million.