South Korean convenience store operators have agreed not to engage in excessive competition by opening new shops near existing ones. 

An association of convenience stores on Tuesday held a ceremony announcing the voluntary regulation, which requires CU, GS25, Seven-Eleven and three other convenience store brands to decide "carefully" over whether to open a new convenience store near an area where a rival is already located.

Under the agreement, rival stores should be at least 50 meters away from each other. Currently, convenience stores of the same brand should be located at least 250 meters away from each other to make sure they are not in competition.

The Fair Trade Commission, which deliberated and approved the voluntary regulation on Friday, said the move will affect about 38-thousand convenience stores, or 96 percent of the total convenience stores across the nation.