K-Chicken Flying to the World... Full-Scale Expansion of Territory Begins
by Moon Hyewon
Published 27 Apr.2022 14:56(KST)
Updated 27 Apr.2022 15:56(KST)
US BBQ sales up 50% in 6 months... Last year's overseas revenue 117.8 billion
Kyochon expands in Middle East and US markets... Goobne "Operating 100 locations by next year"
[Asia Economy Reporter Moon Hyewon] Domestic chicken companies are accelerating their overseas business expansion. With the Korean Wave increasing interest in Korean food culture, the position of chicken, which represents 'K-food' in the global dining market, is rising. According to the industry on the 27th, Genesis BBQ recently opened its first store in Aurora, Colorado, followed by stores in Denver and Englewood. BBQ currently operates 150 stores in the United States. The number of stores, which was around 100 as of September last year, has increased by more than 50% in half a year.
BBQ, which entered the global dining market in 2003, has expanded to 18 states in the U.S. Including 21 stores in Japan, it has about 500 stores in 57 countries worldwide. Last year, overseas business sales reached 117.8 billion KRW.
Competitor Kyochon Chicken is also gaining momentum in its overseas expansion. As of the end of last year, Kyochon operates 65 overseas stores. Among them, Malaysia has the most stores with 34, followed by Indonesia (13), Thailand (7), China (6), and the U.S. (3). Last year, overseas business sales were 17 billion KRW, a 41% increase compared to the previous year. From this year, the company plans to focus on expanding in the Middle East and U.S. markets. In particular, it plans to put effort into developing from mainly operating directly managed stores to franchising. While direct management requires significant investment costs from the headquarters, switching to franchising can accelerate store expansion.
Goobne Chicken is also stepping up its entry into the North American market, including the U.S. Goobne operates 37 stores in 9 countries such as Malaysia, Indonesia, and Japan. Jung Taeyong, CEO of GN Food, emphasized, "Our goal is to operate 100 overseas stores by 2023," adding, "We will promote not only K-chicken but also K-food worldwide by showcasing healthy oven-roasted chicken using our oven-roasted brand identity."
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