TEHRAN, Nov. 22 (Xinhua) -- BGF Retail Company, the operator of South Korea's largest convenience store chain CU, announced the opening of a store in Iran's capital Tehran, Financial Tribune daily reported on Wednesday.
The launch came about four months after the Korean company signed an agreement with Iran's Entekhab Investment Development Group.
It is the first convenience store in Iran and the first overseas outlet by a South Korean convenience store operator, BGF said.
"Iran is the largest market in the Middle East with over 80 million people," said Hong Jung-kuk, vice president of BGF.
"We will accelerate our global expansion after making a successful landing in the Iranian market," he added.
South Korean convenience store operators have been trying to expand to foreign markets, as the local market, dominated by three chains CU, GS25 and 7-Eleven, has become increasingly saturated.
