[Photo provided by CJ Foodville]
South Korea’s food industry is improvising to minimize impacts from the coronavirus pandemic through various strategies such as restructuring business and expanding delivery services.
According to industry sources on Wednesday, Shinsegae Food shut down its Korean food buffet restaurant Olban in Ilsan, Gyeonggi Province, last month, cutting the number of the restaurants from 15 in 2017 to just 3. It said it will renovate the remaining three as a premium restaurant to boost profitability while expanding Olban’s ready-made meal products.
The company will increase No Brand Burger joints to up to 30 by the end of the month as sales of the burger restaurants has been boosted by many customers who want to grab a quick bite or get a takeout to reduce the risk of catching the virus, according to a company official.
CJ Foodville announced on Tuesday that it will temporarily suspend new investments and implement cost-cutting efforts by closing down loss-making stores as part of an intense self-rescue measure. It will also sell some properties to strengthen financial soundness and its executives will return a part of their salary to overcome the coronavirus-induced crisis.
Eland Eats that operates 16 food brands completed restructuring after being separated from Eland Park last year. It reduced the number of its buffet restaurant chain Ashley from 105 to 100 over the past year and Korean food buffet restaurant Nature Kitchen from 43 to 38. The company also launched ready-to-eat food products under Nature Kitchen brand.
SPC Samlip’s bakery brand Paris Baguette has been strengthening delivery service after releasing Paba Delivery. Lotte Group’s restaurant franchise unit Lotte GRS launched an app Lotte Eats in February to allow customers to place orders for Lotteria, Angelinus, Krispy Kreme Doughnuts, TGI Friday’s and Villa de Charlotte via the app.
By Shim Hee-jin, Kang Min-ho and Choi Mira
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]