Convenience StoresOffer Wider Range of Service
Convenience stores offer great accessibility to snacks, beverages, and various other goods, 24 hours a day. The first convenience store appeared in Korea in 1989, and since then, the number has grown exponentially.
Currently, there are about 55,580 convenience stores nationwide. In fact, the nation leads the world in convenience stores per capita.
Along with this remarkable growth, convenience stores are constantly evolving to provide new and unique services. One example is the sale of gold at convenience stores.
The precious metal is being sold by GS25 and CU, the two biggest convenience store chains in Korea. GS25 began installing gold vending machines in select stores in 2022. They allow customers to easily purchase gold bars and gold necklaces without visiting jewelry stores.
Similarly, CU convenience stores began selling gold in card form, produced by the Korea Minting and Security Printing Corporation.* These gold products have attracted many customers recently, due to the rise in the worldwide demand for gold.
Another newservice at convenience stores is currency exchange. In 2023, kiosks for currency exchange were installed at two CU convenience stores located in tourist hot spots. They are mostly used by foreign customers who visit the area and have an immediate need for Korean cash.
In addition, collaborations between convenience stores and other companies have become more common. Recently, the Emart24 convenience store chain partnered with T-map, a navigation app widely used by drivers.
The company analyzed data from T-map to identify restaurants that were frequently searched by travelers. Then, it created lunch sets based on the menu items from those popular eateries. This way, customers were given access to foods from restaurants in various regions throughout Korea.
Questions:1. When did the first convenience store appear in Korea?
2. How many convenience stores are there in Korea now?
3. What new service is GS25 offering to customers?
4. Why are currency exchange kiosks useful for foreign customers?
5. Do you like going to convenience stores? Why?
What other services would you like to see at convenience stores?
