My First Store in 17 Years... "Opened with Baemin's Help"

Kim Hyun and Kim Wan, Co-CEOs of Hyunwan Dan-gyeom
Gwangju Local Food Lettuce Twigim Specialty Store
Aiming for Food Service Franchise Expansion

Kim Hyun and Kim Wan (from left) Hyunwan Dan-gyeom co-CEOs are being interviewed by Asia Economy at the '2023 Baemin Boss Festa' held at COEX, Seoul on the 13th.

"When business was good, landlords often found various reasons to evict us. Now that we own our store, we don't have to worry about losing regular customers."

We met Kim Hyun (30) and Kim Wan (29), co-CEOs of HyunWanDangGyeom, at the '2023 Baemin Boss Festa,' the largest domestic dining conference held over two days starting from the 12th at COEX in Seoul. HyunWanDangGyeom is a specialty lettuce tempura restaurant located in the Sangmu district of Gwangju, Jeonnam. CEO Kim opened his "own store" for the first time in 17 years of business last April. He was freed from the hardship of having to relocate the main store four times while leasing buildings for his business. CEO Kim said, "Although it was difficult to get additional loans due to the considerable debt from operating seven stores in Gwangju, it was possible thanks to the support from Woowa Brothers," adding, "My parents, who started this business with a street food cart, were the happiest."

The assistance CEO Kim received came from the 'First Store Purchase Loan' program operated by Woowa Brothers, the operator of Baedal Minjok. Established in 2021 by Woowa Brothers and KB Kookmin Bank, the program aims to help self-employed restaurant owners who find it difficult to access first-tier financial institutions due to low credit ratings and lack of personal collateral. With 5 billion KRW funded by Woowa Brothers as collateral, the program supports store purchases with a total loan limit of 50 billion KRW. Loans can cover up to 90% of the store purchase price. In its first year, three restaurant owners, including CEO Kim, received support for store purchase funds.

HyunWanDangGyeom started in 2005 from a street food cart in the Sangmu district. When CEO Kim’s father, who was in the construction business, faced difficulties, the couple opened a store specializing in Gwangju’s local dish, lettuce tempura. The store’s name was derived from the names of Kim’s four sons, chosen by his father, reflecting a commitment to run a business they could be proud of. The store did well and soon moved from the street to inside a building. CEO Kim said, "I grew up helping my parents’ store and handing out flyers since elementary school," and added, "After completing military service, I officially took over the business and now run it together with my younger brother by dividing roles."

Lettuce tempura sold by Hyun Wan-dan-gyeom.
[Photo by Woowa Brothers]

Every time CEO Kim moved the store, regular customers decreased and sales dropped by nearly half. Landlords refused to renew lease contracts under the pretext of remodeling, and he couldn’t even receive proper key money. The store had to relocate from a busy main street with high foot traffic to a less visible alley. Each time, the desire to own his own store grew stronger. Last year, through Woowa Brothers, CEO Kim took out a loan of about 1 billion KRW at an interest rate in the 4% range to purchase the current main store. He increased the number of kiosks from one to two per store and improved the menu and interior. Woowa Brothers also partially supported the store design. The monthly sales of the HyunWanDangGyeom main store dropped from an average of 70 million KRW to the 20 million KRW range due to relocation and COVID-19 but recovered to 50 million KRW after purchasing the building.

HyunWanDangGyeom’s lettuce tempura is available for order and delivery in meal kit form through an online store. CEO Kim plans to further expand online sales channels. Recently, he remodeled one branch to launch a Korean buffet brand called 'HyunWanDangGyeom Sangmu Kimchi Whole Pork.' Customers can enjoy freshly made kimchi and boiled pork buffet-style. CEO Kim said, "My dream is to establish a food manufacturing factory and franchise the dining business," adding, "We source high-quality ingredients like lettuce from various parts of Jeolla Province, so I hope everyone tries our lettuce tempura at least once."

Hyeonwandangyeom Main Branch located in Sangmu District, Gwangju, Jeonnam.
[Photo by Woowa Brothers]

This content was produced with the assistance of AI translation services.