• Journal of the Economic Geographical Society of Korea
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• v.26 no.2
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• pp.110-122
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• 2023

This study examined the characteristics of the Mongolian retail market through the case of CU, a Korean retail company that successfully entered Mongolia. This study provides useful implications for Korean companies planning to enter Mongolia. Despite its proximity to Korea, Mongolia is a difficult environment for the retail market because of its small domestic market, landlocked location, inefficient logistics infrastructure, and lack of laws and regulations related to the retail industry. On the other hand, CU has successfully settled in the Mongolian market through master franchise agreements with a local company and by promoting a glocalization strategy. Mongolia CU is not just a convenience store but a place where Mongolians can enjoy global culture, and it is being reorganized as a new space where Mongolians can satisfy their consumption needs.

• Asia-Pacific Journal of Business
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• v.12 no.4
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• pp.107-134
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• 2021

Purpose - Korean firms have entered the Mongolia, the world's top 10 resource rich country with huge market potential, since the diplomatic relations between Korea and Mongolia were established in 1990, but little is known about Korean firms' entry strategy in the Mongolian market. With this background, this study aims to investigate the seven cases of Korean firms doing business in Mongolia (SK Telecom, Samsung S1, T-Money, E1 Energy, Cafe Bene, E-Mart, and CU). Methodology - this study is based on numerous primary and secondary data about the Mongolian market, as well as Korean firms in Mongolia. Findings - the following three implications were derived from our case analysis: first, when entering into Mongolia, a thorough analysis of political and social risks and a good understanding of institutional voids should be preceded. Second, for this reason, entering through cooperation with local partners, such as joint ventures or franchising, is expected to increase the possibility of success. Third, unlike in the early days of Korean firms in Mongolia, the business environment in Mongolia has become more stable and predictable, and a friendly atmosphere for Koreans and Korean firms is forming, increasing the possibility of success and settlement of Korean firms. Research implications - this study contributes to extant literature by providing more systematic research on Korean firms in Mongolia and by presenting practical implications through the analysis of success and failure cases of Korean firms in the Mongolian market.