Nina Jobst
Research expert covering South Korea
Convenience stores in South Korea - statistics & facts
Convenience stores can be found almost everywhere in South Korea. They are mostly franchised, easily accessible retail businesses in smaller sales areas, offering everyday items. These convenience stores provide additional services beyond selling products, making them an essential part of daily life in South Korea. With rising dining-out costs recently, convenience stores have gained more popularity by offering affordable and various dining-out menus. They have become an important retail channel, having one of the largest shares of offline retail sales in South Korea.
Who are the market leaders?
The South Korean convenience store market has predominantly been led by GS25 and CU. GS25 is a convenience store chain owned by GS Retail from GS Group. It was the first convenience store chain in the country. CU is a chain brand by BGF Retail, and a recent survey found that it was the most visited convenience store brand. In the most recent year, GS25 slightly outperformed CU in terms of revenue. However, CU had more stores nationwide. Other than these two giants, 7-Eleven bought Ministop recently, hoping to increase its position in the market.What are the key products?
While convenience stores in South Korea provide almost everything necessary for everyday life, the most popular products are beverages and convenience food. Beverages, especially cups of ice for cooled drinks in the summer, have been marked as main items for convenience stores. Moreover, people are increasingly visiting convenience stores for quick and inexpensive meals, and they usually buy “gimbap” (Korean seaweed rice roll), lunchbox, or sandwiches. To attract more people, convenience stores are now trying to provide entertaining experiences to customers with popular seasonal items or collaborations with celebrities and brands.Outlook of convenience stores
Price increases for dining out and food items have changed consumer trends. Meanwhile, convenience stores firmly occupy a part of the distribution channel by providing low-cost but high-quality products. As consumers of all ages visit convenience stores, convenience stores are also striving to provide products and services that embrace various generations. In the near future, it is expected that convenience stores will provide even more diverse experiences to cater to as many consumers as possible.
