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With few COVID restrictions, the international franchise business is set to boom.
The Food and Beverage industry was greatly restricted under COVID, not only with shutdowns, limited hours with closing at 9 p.m., and limits on the number of diners.
International travel, too, was non-existent for those in the industry seeking new brands.
The simple fact, too, is that when interested in a food brand, it requires you to experience first-hand the food, ambiance, and business model — something outside the scope of a video conference.
In fact, only a few brands opened in new markets during this time — and those deals were often arranged prior and/or, if launched visiting teams endured lengthy quarantines.
Most new launch projects were instead postponed, or at least their rollout of multiple locations was curtailed.
For example, although the agreement was signed by Hanwha Galleria in October 2022 for bringing Five Guys, the American fast food burger brand — the first Korean location is slated to open by the end of June this year. On a side note, before COVID, the burger sector was thought to be saturated.
All said, consumers in South Korea, like most markets, look for exciting new brands and dining experiences. In fact, there are traditionally high turnover rates for F&B brands, which are even higher in trendy, early-adopter markets like South Korea.
So, look in the next coming months for announcements and the opening of new food and beverage concepts.
Have a brand you’d like to see in South Korea? We’ll keep you posted. Bon Appetit.
