From Blue Ribbon Survey to Zhongdimseom's Best Restaurants... F&B Life-or-Death Shopping Mall

Yongsan I'Park Mall Launches 2,000-Pyeong Scale 'Food Cinema'
Department Stores Focus on Strengthening F&B Competitiveness in Renovations
Convenience Stores and E-Commerce Rivals... Evolution of 'Malls'

[Asia Economy Reporter Cha Min-young] Gourmet Street, where you can taste restaurants from around the world, including sushi restaurants selected by the Blue Ribbon Survey, known as the Korean version of the Michelin Guide, and famous Taiwanese dim sum shops, is settling in Yongsan I'Park Mall. Shopping malls, which were mainly focused on fashion and beauty products, are transforming into spaces for eating and enjoying, making the strengthening of food and beverage (F&B) competitiveness of offline stores a hot topic.

According to industry sources on the 4th, Yongsan I'Park Mall, operated by HDC Industrial Development, has transformed the 7th-floor Living Park, which used to be a toy store, into a 2,000-pyeong (about 6,700㎡) gourmet street with the concept of 'Food Cinema' starting on the 7th. This was done considering the connection with CGV, the signature cinema facility of Yongsan I'Park Mall. A total of 21 brands are housed in three differentiated zones: premium dining zone, gourmet food court, and gourmet casual bistro. Representative brands include 'Agra,' an Indian restaurant; 'SushiSan Blue,' a casual brand of the sushi specialty restaurant 'SushiSan' selected by the Blue Ribbon Survey; 'Eat Salad,' a salad specialty store; 'Crystal Jade,' a Chinese dim sum specialty restaurant; and 'Jang Sarang Plus,' a Korean restaurant.

Yongsan I'Park Mall Exterior View

I'Park Mall boldly renewed itself, focusing on the shortage of complex shopping malls in Yongsan where shopping and dining can be done simultaneously. It also paid attention to the fact that the demand for actual residence has increased due to various development plans in the transportation hub area of Yongsan. With the entry of large companies such as AmorePacific's new headquarters, the office commercial district aspect has also been highlighted, aiming to capture the lunch demand of office workers. In particular, considering that the recent shopping trend, which was mainly fashion and beauty, has moved online and that premium dining demand has increased due to urbanization trends. The food court, which was a place to have an inexpensive lunch to relieve tired legs while shopping, has become a symbol of the shopping mall.

Shinsegae Department Store Yeongdeungpo Branch recently attracted attention by creating a food zone on the first floor, which was considered the exclusive domain of luxury goods and cosmetics. The 1,100-pyeong gourmet street located on the basement first floor gathered Michelin Guide-selected cold noodle restaurants, premium Jeju pork cutlet restaurants, and chef brands from famous hotels. Nationwide famous bakeries were also introduced. Shinsegae Department Store Gangnam Branch, which recorded annual sales in the 2 trillion won range at the end of last year and rose to the top domestic store, is also an original case that saw results by strengthening F&B competitiveness. 'Matjip Street' Pamie Station, opened in 2014, houses 51 gourmet brands from 10 countries around the world. It includes 'Min's Kitchen,' listed in the Michelin Guide for three consecutive years, the American hamburger brand 'Johnny Rockets,' and 'Half Coffee,' famous for butter cream latte. Recently, 11 additional famous restaurants from Hongdae and Itaewon were introduced during the renewal.

Hyundai Department Store Sinchon Branch, which recently underwent a food hall renewal

Hyundai Department Store Sinchon Branch also targeted young customers by fully renewing its food hall in September last year. Targeting the 20s and 30s demand, it gathered Chinese restaurant 'Gonghwachun' from Incheon Chinatown with a 100-year tradition, Jeju-style wheat cold noodle restaurants, and Korean cold noodle restaurants with 50 years of tradition. The store itself removed the traditional food court feel with the concept of 'Greenhouse Yard.' Galleria Department Store Timeworld Branch strengthened its gourmet hall in the renewal work underway with a goal of completion in the first half of this year. 'Gourmet 494' is a food hall with the concept of a 'convergence food boutique' combining premium ingredients, famous restaurants, and gourmet experiences. Famous restaurants such as '101 Namsan Pork Cutlet' and 'Galbi Club' are housed.

The trend of strengthening F&B in the distribution industry is common throughout Asia. As urbanization intensifies, the demand for convenient shopping experiences such as convenience stores and e-commerce increases, shifting the center of shopping malls to dining. In particular, changes in urban consumers' purchasing patterns are also analyzed to influence the strengthening of food lineups in the distribution industry. Consumers are gradually shifting their consumption patterns from bulk purchasing to need-based purchasing. The consumer dining market is said to be following this trend.

Lee Hee-eun, senior researcher of Euromonitor Service & Distribution Division, said, "The trend of strengthening food lineups in distribution channels such as department stores and shopping malls is largely linked to urbanization and changes in consumer purchasing patterns," adding, "Although convenience stores and e-commerce markets are growing, the evolution of 'malls' optimized for urban consumers is continuously ongoing."

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