Korean Convenience Stores Favored by the Younger Generation Experience ‘Korea Travel Game’ is popular among young people in Japan. It is a game in which young people post pictures of enjoying foods written with Korean letters at a hotel or at home on social media. If so, where can we find a variety of Korean food that younger generation can enjoy? It’s a convenience store. Convenience stores in Korea sell a wide range of food materials such as processed food tailored to the tastes of the younger generation.

#Convenience Stores in Korea Continue to Increase Sales

In Korea, food purchases are increasing at convenience stores. According to the Korea Agro-Fisheries & Food Trade Corpora-tion (aT), the convenience store market size in Korea as of 2021 is USD 2.84 million, a 7.2% increase from USD 2.65 million in 2020, with a growth in sales. Until the early 2000s, there was a strong perception in Korea that convenience store products were more expensive than large supermarket products. However, sales are increasing as various strategies such as enhancing price competitiveness and developing new products have succeeded through cooperation between the convenience store industry and the food industry. Moreover, as the trend of purchasing ‘little by little often’ and ‘desired amount from a nearby place’is spreading among 1 or 2 households, the use of convenience stores is increasing.

#Targeting 1-2 Households

Convenience stores in Korea sell a variety of meals and snacks, ranging from processed foods with 1-2 servings, to fresh foods such as vegetables, fruits, and meat to meet the needs of consumers who want small-capacity and small package. BGF Retail, which operates convenience store chain network CU, signed a contract with farmhouses to introduce ‘Kingsberry’, which is twice the size of a normal strawberry, and sold fruits in a small cup, gaining popularity. In addition, it is targeting the demand of 1 or 2 households with low-cost products and marketing such as price discounts and events that give two products for the price of one product. EMART24 also sells large-capacity beverages and ultra-low-priced processed foods through its PB (Private Brand) product ‘Minsaeng Series’. The price of eating out has soared so much that it has created ‘Lunchflation’, a new compound word of ‘lunch’ and ‘inflation’ among Korean office workers and college students. Along this consumption trend, convenience stores in Korea are launching various menu items as PB products at low prices so that people can easily have a meal. They are also increasing the number of ready-to-eat products that can be eaten right away or simply reheated and HMR (Home Meal Replacement) menus to cook ingredients simply. MINISTOP introduced ‘Pyunhan Restaurant (Korean restaurant in a convenience store),’ a meal kit brand. Its cooking process is simplified, so it can be cooked with just a little water and a microwave.  

#RMR Products are also Popular Convenience stores in Korea are gaining popularity by launching RMR (Restaurant Meal Replacement) in a recipe form developed by a famous restaurant or chef, or in the form of a meal kit. They also sell collaboration products, such as beer and Makgeolli with outside companies or snacks that go well with alcoholic beverages. GS Retail, which runs the GS25 convenience store chain, launched a craft beer ‘Nordisk Beer’ in collaboration with Nordisk, a Nordic-style outdoor brand. Convenience stores in Korea are accelerating their entry into overseas markets with K-Food and PB products, emphasizing their uniqueness through a market strategy that ‘products you can only buy here’. CU entered Mongolia and Malaysia, with PB products, Tteokbokki, and Dakgangjeong (sweet and sour chicken) accounting for 60% of its sales. GS25 entered the Vietnamese market and E-Mart 24 entered Malaysia, reaching out to local consumers under the theme of K-Food.