BGF Retail to Advance Payment of 23 Billion KRW to Small and Medium Partners for Chuseok

BGF Retail, the operator of CU, announced on the 24th that it will advance settlement payments to small and medium-sized partner companies ahead of the upcoming Chuseok holiday.

This early settlement payment by BGF Retail will be made to about 90 partner companies trading products and logistics, totaling approximately 23 billion KRW. The early payment schedule has been moved up by about 20 days from the original payment date to help partners struggling with fund management amid the triple challenges of high inflation, high interest rates, and high exchange rates.

Since 2013, BGF Retail has been providing advance settlement payments before holidays when cash usage increases, helping small and medium-sized partners maintain stable management.

BGF Retail operates various win-win growth programs to promote mutual growth with small and medium-sized partners. These include One Mind Healing Day, the establishment of a win-win cooperation fund, fair trade and respectful management monitoring, discovery and market development of excellent partner products, and the introduction of a co-growth mall for SME products, all of which are differentiated win-win programs in the convenience store industry.

Recently, BGF Retail has also been supporting partner companies’ exports through active overseas expansion. As of the end of last year, about 50 domestic small and medium-sized partners have directly or indirectly entered overseas markets such as Mongolia and Malaysia, achieving export results of approximately 8 million USD last year.

In the first half of next year, BGF Retail plans to open a store in Kazakhstan, its third overseas market, further expanding sales channels for excellent domestic SME products.

Additionally, starting from the second half of this year, BGF Retail will support the ESG management practices of small and medium-sized partners in various ways, including capacity-building education, customized risk management, and guideline establishment, through its self-developed supply chain ESG diagnosis process.

Yang Jae-seok, Head of Communications at BGF Retail, said, “We have been continuously making efforts for mutual growth with small and medium-sized partners who have maintained long-term partnerships amid unstable domestic and international business environments. We will actively promote sincere, industry-leading win-win programs to create a positive corporate culture and social value.”

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