BGF Retail Holds 10th Anniversary Celebration and ESG Commitment Ceremony

BGF Group Chairman Hong Seok-jo (center), BGF Retail CEO Lee Geon-jun (first on the right), BGF CEO Hong Jeong-guk (first on the left), and other executives are cutting a congratulatory rice cake at the BGF, CU 10th anniversary ceremony.

[Asia Economy Reporter Jeon Jinyoung] BGF Retail held a customer pledge ceremony to commemorate the 10th anniversary of the company name change and CU brand independence, and to promote customer-centered ESG (Environment, Social, Governance) management.

According to BGF Retail on the 7th, the 10th anniversary ceremony was attended by Hong Seokjo, Chairman of BGF Group, who watched a documentary with employees about the process of CU brand independence and its achievements so far, sharing his reflections on how he first resolved to pursue brand independence during a trip to Nepal after becoming chairman in 2007.

Under Chairman Hong’s leadership, BGF ended its license agreement with Japan’s FamilyMart, which had lasted for about 20 years, after intense negotiations lasting approximately 2 years and 5 months starting in 2010, and finally succeeded in becoming an independent Korean brand, CU, in June 2012.

The number of stores has more than doubled from about 7,200 ten years ago to about 16,000 this year, and sales have also increased from 2.9 trillion KRW to 6.0812 trillion KRW as of 2021. BGF Retail was listed on the KOSPI in 2014 and recorded a market capitalization of 3.1716 trillion KRW as of the end of May this year.

Furthermore, since the brand independence of CU, the company has expanded into Mongolia and Malaysia, leading the overseas expansion of Korean convenience stores and showing tangible results.

In Mongolia, it operates about 210 stores, holding an overwhelming market share of about 70%, ranking first in the industry, while in Malaysia, it opened about 90 stores within just over a year of entry, showing significantly higher performance compared to global convenience store brands.

At the ceremony, Chairman Hong ordered employees to pursue new innovations to solidify the status of global CU expanding beyond Korea and to become good friends with customers, franchisees, partners, and local communities in line with the corporate identity of Be Good Friends.

Following this, at the CU customer pledge declaration ceremony, BGF Retail President Lee Geonjun, employees, CU franchisees, and Ssijunsaeng staff gathered to celebrate the 10th anniversary of CU under the slogan “Closer than 10 years ago, a more promising tomorrow,” sharing a vision for improving customer service.

This pledge will be used for regular internal training for BGF employees and franchisees and will be introduced to customers through various touchpoints such as promotional materials, POS, and digital signage at approximately 16,000 stores nationwide, attempting differentiated branding.

Hong Seokjo, Chairman of BGF Group, said, “The company name change and CU’s brand independence were miraculous successes achieved through the earnest wishes and passionate dedication of employees,” adding, “As the saying goes, ‘Unchanging in a changing world,’ we must continue to strive as a company like a good friend with unchanging values in the rapidly changing era for the next 10 years.”

This content was produced with the assistance of AI translation services.