Domestic KFC's 'No.1' Jongno Branch Closes After 38 Years Due to Profitability Decline
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[Asia Economy Reporter Lee Jung-yoon] The first KFC store in Korea, located in Jongno, is closing after 38 years.
According to the food industry on the 2nd, the KFC Jongno branch in Jongno 2-ga, Jongno-gu, Seoul, will have its last day of operation and close on the 3rd. It is closing after 38 years since its opening in April 1984.
The KFC Jongno store attracted significant attention due to its symbolic status as the first store in Korea. However, as the store aged, the maintenance costs became considerable, leading to the decision to close.
Additionally, the prolonged COVID-19 pandemic caused nearby franchise stores to shut down, resulting in a contraction of the commercial district, which also appears to have influenced the closure.
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Meanwhile, KFC Korea's sales last year amounted to 197.4 billion won, a 5.9% decrease from the previous year, and operating profit sharply dropped by 80.3% to 770 million won. The net loss reached 2.8 billion won.
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