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‘God in the Zipcock’ … People cost 7.5 trillion won this year.
Chicken specialty market that grew to 7.5 trillion won
‘Self-employed grave’ escapes from Oh Myung-seo and becomes a category of crown benefits
Kyochon, bhc, bbq Big 3 This year’s sales and affiliates increased net
Kyochon bhc is expected to reach 400 billion clubs (based on annual sales)
Barbecue chicken seems to be making its way into the industry’s first 2000 store
Kyochon Chicken, bhc and Genesis BBQ, which are counted as one of the top three chicken companies in Korea, are expected to record the highest sales since their inception this year. Kyochon and bhc are expected to enter the ‘400 billion won club’ for the first time. The chicken franchise benefited the most as the food delivery market grew due to the new coronavirus infection (Corona 19).
As the market grew, so did the investment. Earlier this month, bhc received a 300 billion won investment from the staff pension in Ontario, Canada. Kyochon FnB, the operating company of Kyochon Chicken, went public last month. This is the first case in the franchise industry that managed to go directly to the list instead of omitting it. BBQ Chicken took the jackpot by opening a delivery-only store for the first time. A poultry industry official said: “This year has been a year of unprecedented investment and innovation.”
Kyochonbhc’s annual sales are likely to exceed 400 billion
According to the Fair Trade Commission, chicken restaurants were the number one business in closing rate for three years in a row through last year. It was also called “the tomb of the self-employed.” This is because the chicken restaurants in every alley were in an overheating competition.
The Corona 19 incident has changed the situation. Sales of the top three chicken companies, Kyochon Chicken, bhc and BBQ Chicken, increased significantly this year. Kyochon sales, which were 380 billion won last year, are expected to reach 430 billion won this year. BHC, which topped the 300 billion won wall at 318.6 billion won last year, is expected to surpass 400 billion won this year. Barbecue chicken sales are expected to increase from 240 billion won last year to around 350 billion won this year.
chicken bhc
Until a few years ago, the annual sales goal of 300 billion won in the industry was called the ‘evil number’ that was difficult to achieve. Kyochon first crossed this wall three years ago, and bhc stepped on the hill last year. Euromonitor, a market research firm, predicted that this year, the chicken specialty market will reach 7.47 trillion won, the largest in history. This is a 53% increase over 2016 (4.8877 billion won) five years ago. “Chicken with high delivery demand has benefited from Corona 19 this year,” said Kim Young-mi, senior researcher at Euromonitor.
Kyochon Chicken
BBQ’s innovation strategy
BBQ Chicken managed to introduce this year a new store concept ‘BSK (BBQ Smart Kitchen)’. BSK is an ultra-small store under 30㎡ and is a specialty shop for deliveries without seats or tables. Because you do not receive customers and only deliver, location selection is free and start-up capital is low. It was possible to start a business with 50 million won, including rent, and the challenge for shop owners in their 20s and 30s continued. Opened more than 100 stores in 6 months.
Thanks to the BSK strategy, BBQ Chicken increased its stores by 300 this year alone. It ranks third in the industry in terms of BBQ chicken sales, but is unmatched number one in the number of stores. It is a first generation franchise company that pioneered the chicken market in 1995 and has the largest number of franchisees nationwide. This year, the gap with competitors has widened. As of this month, the total number of stores was 1,800, which is overwhelmingly higher than Kyochon (1262) and bhc (1550).
This year, chicken franchises also began expanding sales through secondary menus and the development of craft beer. This year, Kyochon launched five new side menus, including chicken burger, pretzel, and chicken cutlet. More than the new chicken menu (three).
The winning spot next year is expected to be craft beer. Kyochon is considering acquiring the craft beer maker Moon Bear Brewing. It plans to introduce craft beer that will only be available in stores during the first half of next year. BBQ Chicken will complete a craft beer factory in Icheon, Gyeonggi-do in the first half of next year.
Reporter Park Jong-pil [email protected]
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