South Korea retail reshapes in response to demand for convenience stores

South Korea’s convenience stores have introduced new product lines and discounted prices to combat the perception of a lower-quality offering compared to larger stores, according to a report by the Korea Times. During the pandemic, consumers have increasingly turned to online shopping and nearby convenience stores rather than larger supermarkets.

In response to this trend, BGF Retail and GS Retail have launched promotions for vegetables at CU and GS Fresh Mall, respectively. CU is BGF Retail’s convenience store brand and GS Fresh Mall is GS Retail’s online grocery store. BGF Retail had also streamlined its distribution process and worked directly with growers in order to cut prices.

A BGF Retail official, speaking to the Korea Times, said: « Convenience stores have been offering various types of vegetables at reasonable prices and doing so has increased sales significantly. We will continue to provide convenience to our customers by introducing a greater variety of products according to their needs. »