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Rise and fall of restaurant chains in Korea

이름 임서영 등록일 16.08.21 조회수 648


Up until the mid-2000s, US restaurant chain Outback Steakhouse was the go-to dining option for many Koreans who wanted to celebrate special occasions.

The Australian-themed casual-dining chain has served its signature grilled steaks and cheese fries for years. However, it has lost ground in recent years due to the growing trend of health-conscious customers and market demand for unique menu items. 

In 2014, Bloomin’ Brands, the US-based company that brought Outback Steakhouse to South Korea in 1997, started to downsize. Its number of branches has fallen from 109 that year to 80.

“The food franchise business can be likened to fashion,” said a strategist at a local private equity fund, who declined to be named. “They’ve got to launch new dishes or brands on a regular basis like fashion firms do every season.”

Amid declining sales, the US company sought an exit strategy in March. Four months later, the dining chain that was valued at around 300 billion won ($271 million) in 2010 was sold to a local private equity fund, led by Chin Dae-jae, a former communication minister, for 57 billion won.

Other restaurant chains have gone down a similar path.

Bennigan’s and T.G.I Friday’s also changed ownership and scaled down operations in Korea. Bennigan’s was acquired by Barunson, a school supplies provider in 2010, with 20 billion won in debt.

Despite attempts to revive the business, Bennigan’s has completely pulled out of the Korean market, shutting down its two remaining branches in Seoul in February. T.G.I. Friday’s was acquired by Lotteria, a burger chain that is part of Lotte Group, in 2002. However, it is also struggling.

In 2013, European brand Marche Restaurants and another American salad buffet chain Sizzler withdrew from the Korean market. Tony Roma’s, which was once popular here for its signature Florida-style ribs, also shut down here in 2014.

“Having the same menu for about a decade means they didn’t care about the changing appetites of Korean consumers,” said a market insider. “In the fierce dining market, keen attention to new fads including trends related to well-being and eating alone, is key to survival.”

                   
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