As K-food gains popularity overseas, restaurant franchise brands are accelerating their expansion into foreign markets. This is because domestic consumption has remained sluggish amid high prices and high interest rates, while interest from overseas markets has grown.
Damga Hwarogui has begun recruiting country-specific master franchise partners and global cooperation partners to expand into overseas markets. The recruitment is focused on companies and business operators with experience in the food service industry abroad or with local distribution and restaurant networks. Selected partners will be responsible for business operations tailored to local conditions and for expanding the brand.
Juk Story, a porridge franchise, is also preparing to enter the Malaysian market. A Juk Story official said, "Earlier this year, we signed a Memorandum of Understanding (MOU) to strengthen mutual cooperation with Malaysia." The official added, "We agreed to explore cooperation in various areas, including Juk Story's entry into Malaysia, local distribution and franchise business partnerships, joint marketing, and expanded cultural exchange." Juk Story plans to use Malaysia as a base to spread K-food and Korea's traditional porridge culture across Southeast Asia.
Yoyajeong is also working quickly to reach 100 stores in the Chinese market. The company plans to expand its outlets, starting with Shanghai, through a local master franchise in China.
Yoon In-cheol, a professor in the Department of Entrepreneurship at Gwangju University, said, "For restaurant franchises, overseas expansion through a master franchise model is a strategy to improve brand stability compared with the domestic market, which is already saturated." He added, "In the past, expansion was centered on China and Southeast Asia, but now there is a stronger willingness to enter markets without limiting by country."
Kim Se-hyung, Reporter fax123@sportschosun.com
