Ministops to become 7-Elevens as franchise agreements expire
Ministops will soon become 7-Elevens, according to Korea Seven.
The Fair Trade Commission gave the final nod for Lotte CVS to acquire Ministop Korea from Japan's Aeon Group for 313.3 billion won ($256.9 million) on March 22. The company is a special purpose company wholly owned by Korea Seven and established in February to acquire Ministop Korea.
Korea Seven is Korea's 7-Eleven licensee.
The company will acquire 12 Ministop logistics centers, which will help 7-Eleven to strengthen its quick-commerce services, or the delivery of products within one hour of ordering.
Korea Seven said the acquisition could add about 2,600 branches to its current 11,400 7-Elevens. The transition will be made when each franchisee contract expires with Ministop Korea.
Korea Seven promised to provide additional support for Ministop franchisees who chose 7-Eleven.
"We will be able to enhance brand competitiveness when the capabilities of two companies come together," said Choi Kyung-ho, CEO of Korea Seven.
BY LEE TAE-HEE [firstname.lastname@example.org]