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LG Invests in Korean Bike Retail Chain

Industry- & Retail Organizations

The opening of the first outlet of the new ‘Biclo’ bike retail chain was marked by the handover of a Koga Kimera track bike by Koga MD Wouter Jager (left) to Koo Ja-yeol, chairman of the Korean Cycling Federation (right). Biclo is Korea’s new bicycle retail chain owned by

LG Invests in Korean Bike Retail Chain

SEOUL, Korea – The opening of the first outlet of the new ‘Biclo’ bike retail chain was marked by the handover of a Koga Kimera track bike by Koga MD Wouter Jager (left) to Koo Ja-yeol, chairman of the Korean Cycling Federation (right).

Biclo is Korea’s new bicycle retail chain owned by LS Cable which is a subsidiary of electronics giant LG. This multinational will invest in at least 60 stores selling mid to high end bikes. The design of the stores is an important element to distinguish the outlets from other conventional bicycle shops.

Biclo will sell both domestic and imported bicycles as well as related products, while mechanics will be available to produce tailor-made bicycles for customers and to provide one-on-one consulting services. It also plans to operate its own cycling courses and conduct maintenance education programs. LS Cable announced it plans to open five more Biclo stores in Seoul and vicinity this year.

Korea’s agenda ‘Low carbon, Green Growth’ has put the spotlight on the nation’s bike industry. The government intends to spend US$ 1.2 billion to create a nationwide network of bicycle lanes. The total length of the network will reach 3,114 kilometres and it will include routes along the nation’s coasts and major rivers.

According to government data, only 1.2 % of all Koreans currently use bicycles as a means of transportation. The goal is to grow this number to 10% by 2017.

 

 

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