Convenience stores are uncommon in Iran, where daily shopping is still centered in the traditional bazaar, but Western-style retail outlets like shopping malls and supermarkets selling international brands are popping up in the outskirts of big cities. “Convenience stores are still an unfamiliar retail channel in Iran,” the company said, “but BGF Retail thinks the platform will soon settle down, considering that Iranians’ daily schedules tend to extend late into the night and the fact that convenience stores provide pleasant and quick services.” CU’s competitor in Korea, GS25, operated by GS Retail, is also vying for overseas markets. In July, the company said it would open a store in Vietnam through a joint venture with a Vietnamese investment firm, SonKim Group. Like CU, the store in Ho Chi Minh City will operate under a master franchise agreement. Convenience stores in Korea have shown rapid growth in recent years, largely thanks to the rising number of single-person household and expansion of services available at convenience stores. The aggressive expansion has led to growing concerns that profitability will soon slow down. According to the Korea Association of Convenience Store Industry, the number of stores reached 32,611 in 2016, a more than 26 percent jump from 26,300 in 2014. “In a moment like this, opening overseas locations for future growth might be a good idea,” said Yang Ji-hye, an analyst at Meritz Securities.