Popeyes Withdraws from Korean Market After 26 Years
Sales Slump and COVID-19 Combined... US Headquarters Contract Also Ends
[Asia Economy Reporter Lee Seon-ae] Chicken and burger franchise Popeyes will cease operations at the end of this month, ending its domestic business and withdrawing after 26 years.
According to TS Food & System on the 4th, the company will end its business in Korea after terminating the franchise contract with the U.S. Popeyes headquarters at the end of this month. This marks 26 years since entering the Korean market by opening the first store in Apgujeong in 1994.
At one point, the number of stores exceeded 200, but as competition in the dining-out market intensified and sales declined, the business scale significantly shrank, and by the second half of this year, the number of stores decreased to around 10.
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A TS Food & System official said, “We had been trying to sell the Popeyes brand due to poor sales, but the deal did not materialize. With the added impact of the COVID-19 pandemic, the business became difficult, so we decided to end the Popeyes business this year.”
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