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BUSINESS

MYCU Retail to expand CU convenience stores to 500 by 2026

08/08/2022 04:12 PM

KUALA LUMPUR, Aug 8 (Bernama) -- MYCU Retail Sdn Bhd, the operator of South Korean CU convenience stores in Malaysia, plans to expand its stores to 500 by the year 2026 from 100 currently.

“We have planned to open new 50 stores in Peninsular Malaysia by end of this year in addition to our presence in the Klang Valley, Melaka, Perak, Kedah, Negeri Sembilan, Pulau Pinang and KLIA2,” director Dr Blake Dang said at the opening ceremony of the CU’s 100th store here today.

He said the company believed that the convenience store segment is relevant in every economic situation.

“Even when the economic situation takes its downturn, consumers still choose convenience stores as one of their choices to purchase goods such as food and drinks and Malaysia is a maturing country and the retail market here are very exciting.

He said during an economic downturn, people would purchase goods in small quantities at convenience stores.

“Consumer market in Malaysia is growing and populations get more modernise in its lifestyle.

“It’s where we came in to offer choices for all Malaysian whether they are families or single individuals,” he said.

On the high number of competitors in the segment, Dang said it’s a healthy environment for the market.

“With many players in the convenience store market and they are targeting different segmentations, this is good as healthy competition will result in each player to offer better services and at the end, the winner will be the consumers itself,” he said.

On the expansion plan to Sabah and Sarawak, he said currently, the company's focus is on the Peninsular Malaysia market.

MYCU Retail Sdn Bhd is a wholly-owned subsidiary of MyNews Holdings Bhd, which owns the retail chain MyNEWS store.

-- BERNAMA


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