This is to announce that BOKWANG FAMILYMART CO., LTD., the South Korean business partner of FamilyMart Co., Ltd. ("FamilyMart" or "the Company")(Toshima-ku, Tokyo; Junji Ueda, President) has changed its trade name to "BGF Retail Co., Ltd.". In addition, FamilyMart announces plans to strengthen capital ties between the two companies. At the same time, a new brand has been launched under the name of "CU", and the signboards of BGF Retail will carry the words "with FamilyMart."
FamilyMart has now been operating in South Korea for over 20 years, having opened its first store there in 1990. We have grown to become the No.1 convenience store chain operator in terms of market share in the country, with a total of 7,267 stores as of the end of May this year.
Meanwhile, the South Korean convenience store market is becoming increasingly saturated with each passing year. Amid intensifying competition, FamilyMart and BOKWANG FAMILYMART have been examining new convenience store business models as a way of realizing continued growth. Against this backdrop, we have concluded a comprehensive business collaboration agreement with the aim of creating a more constructive relationship between our two companies, and have also agreed to strengthen FamilyMart's capital ties with BOKWANG and establish a new brand.
From here onward, we aim to further differentiate FamilyMart's operations in South Korea from those of its competitors by creating a convenience store chain that is deeply rooted in the local economy and society and widely popular among the country's consumers. At the same time, we plan to open stores at an accelerated pace in market niches we have hitherto not exploited, such as within public facilities or in other special locations. In these ways, we aim to continue expanding the scale of our business operations.
We are also currently examining various options for the deployment of new, differentiated types of stores.
FamilyMart intends to reinforce the strong business partnership with BOKWANG FAMILYMART that it has built up over the years, and to further expand its business operations in South Korea.PAGE TOP