Dining business becomes fashionable among Korean traders and builders

[Photo by Kim Ho-young]

Dining has become fashionable among Korean fashion trading and builders for outreach to young consumers.

JinKyung Co. opened Asia’s first Gordon Ramsay Burger restaurant in Seoul early this year. The British star chef’s burger restaurant in Lotte World Tower has been earning 1 billion won ($697,934) monthly since its opening. Jinkyung, a trading firm for various foreign fashion brands, such as Metrocity and Jac Nicklaus Apparel, signed a deal to use Gordon Ramsay’s brands exclusively in Korea.

It will open Gordon Ramsay Street Pizza near Seoul Forest later this month, which will be the world’s sixth of its kind.

Samchully ENG, an energy firm, opened a restaurant of Hong Kong’s Hao’sum in Yeouido, Seoul’s main financial district, in February last year. After it has gained popularity, the company has added new branches in major cities nationwide, including Busan and Daejeon. The firm operates 52 restaurants of four different brands, including Chai797, with its revenue from the dining business up 42.6 percent from a year ago.

“Our sales from the dining business will likely post 69 billion won in sales this year. We see a new growth driver in the food business and plan to enter the home meal replacement market this year,” said an official from the company.

Daewoo Development, a construction firm behind apartment brand Ian, also operates nine shops of Brioche Doree, a French bread brand.

Non-food companies’ aggressive advance into the restaurant business has gained traction since the economic reopening.

Entertainment companies have also been leveraging on K-pop name value in their restaurant businesses. SM Entertainment’s food and beverage subsidiary operates SMT Chinaroom and SMT Lounge.

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