SEOUL, KOREA -- Convenience stores in Korea have evolved from more than just a corner store offering milk, coffee and the morning paper. In fact, convenience stores are transforming into the “center of daily lives” for many Korean residents, reports The Korea Times. 

“Han Young-ju, 35, drops by a convenience store in her neighborhood every morning to buy a newspaper and milk. She also visits the neighborhood store on a regular basis to pay utility bills, order a home delivery service, have light meal and buy daily necessities. But there are other items such as auto insurance,” writes the newspaper. Like Han, many residents stop by a local convenience store in the morning for a light meal before work.

Korean convenience stores offer many products and services. Customers can enter a store to pay their electric, cell phone and Internet bills; send a package or letter; print photos and even purchase an insurance policy.

“To please everybody, convenience store chains have taken up the role of bank, post office, photo studio and insurance company,” notes the newspaper.

In February, GS Retail, which operates GS25 convenience store chains, will begin selling insurance at its 100 GS25 chains, 10 GS supermarkets and four GS marts. The retailer recently contracted with insurers to offer customers the ability to purchase auto and accident insurance. “In fact, insurers have already advanced to home shopping channels and large discount store chains,” writes the newspaper.

As of January 2006, Korea boasts 10,000 convenience stores with about 5 million customers entering the stores each day, whereas about 4 million customers visit discount stores and 3 million visit department stores on a daily basis.

“People drive to department stores or large discount stores that need a sizable space and a large transient population. But they walk to convenience stores which need only 25 pyong, or 82.5 square meters, as they are omnipresent,” GS Retail’s Kim Il-jin told the newspaper.

Korea’s first convenience store opened in southeastern Seoul in 1989 following the 1988 Olympic Games. Japan-based 7-Eleven and GS Retail opened the first convenience store chain in 1990 in northeastern Seoul and began to receive utility bills in 1997. Other Korean convenience stores are also upping their offerings, notes the newspaper. By September 2006, Family Mart plans to sell DVDs and music CDs at its 6,500 stores.