The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Business
  • Tech
  • Bio
  • Companies
Mon, May 16, 2022 | 14:52
Retail & Food
300 Paris Baguette stores to open in US by 2020
Posted : 2017-08-30 16:14
Updated : 2017-08-30 16:58
Print Preview
Font Size Up
Font Size Down
SPC Group Chairman Hur Young-in, right, poses with U.S. House Foreign Affairs Committee Chairman Ed Royce during their meeting at the Korean firm's headquarters in Seoul, Tuesday. / Courtesy of SPC Group
SPC Group Chairman Hur Young-in, right, poses with U.S. House Foreign Affairs Committee Chairman Ed Royce during their meeting at the Korean firm's headquarters in Seoul, Tuesday. / Courtesy of SPC Group

By Kang Seung-woo


The nation's food and beverage giant SPC Group seeks to expand its U.S. business fivefold by 2020.

Its Chairman Hur Young-in unveiled his plans during a meeting, Tuesday, with U.S. House Foreign Affairs Committee Chairman Ed Royce and Congressman Ami Bera in Seoul.

The two U.S. politicians were visiting Korea to discuss expanding U.S. trade opportunities and establishing new partnerships in Korea. Royce and Bera are co-chairs of the Congressional Caucus on Korea.

"We are planning to increase the number of Paris Baguette stores in operation in the United States to 300 by 2020, creating up to 10,000 new jobs," Hur told Royce during their meeting at the company's headquarters in Seoul.

Royce was quoted as saying Paris Baguette has contributed to job creation in the U.S. by employing more than 1,500 people and it will play a key role in the global food industry in the future.

SPC established a U.S. west coast affiliate in 2002 and opened America's first Paris Baguette in Los Angeles three years later. After rapidly expanding its footing in the country, Paris Baguette achieved huge success on the east coast as well, with the number of stores in the U.S. totaling 57.

In 2016, the company invested more than $48 million (53.8 billion won) to report annual sales of $100 million and bring 1,500 new jobs to the country.

"I could not be more thrilled to see these thriving businesses invest resources, and most importantly, bring jobs into the U.S. The impact of CJ Foods and SPC Group on the U.S. economy cannot be denied," Royce said on his official website.

"As one of the first supporters of KORUS FTA, I'm proud of the positive impact that our economic alliance with these companies is having on the people of Southern California, and I know that success stories like these will continue to grow in local communities throughout the U.S."

KORUS FTA refers to the free trade agreement between Korea and the U.S., which went into effect in 2012.

However, U.S. President Donald Trump, calling it a "job-killing" pact, requested renegotiation of the bilateral deal. As a result, the two countries have started talks.

However, there is evidence Washington benefited from the five-year-old contract more than Seoul.

For example, the U.S. Department of Commerce said the FTA benefited both countries _ while global trade decreased 12 percent since signing the deal, trade between Korea and the U.S. increased 12 percent between 2011 and 2016.


Global initiative


Instead of being content with success in Korea, SPC has put forth great efforts to tapping into overseas markets including the U.S., Europe and Asia.

In July 2014, Paris Baguette became Korea's first bakery brand to enter Paris, setting up a business base to expand to other French and European cities.

The outfit also opened Paris Baguette stores in Shanghai in 2004 and Ho Chi Minh City and Singapore in 2012. SPC attributes Paris Baguette's global success to its product diversity, shopping experience and personnel management.

Emailksw@ktimes.com Article ListMore articles by this reporter
 
  • Exchanges delisting Luna as valuation tumbles to zero
  • 'Is Homeplus Open?' website turns one-note joke into charity
  • The open secrets of Korea's 'namsadang' art troupes
  • Local election campaigns embarrass Samsung, SK, Hyundai, POSCO
  • Why teachers love Teachers' Day
  • COVID outbreak increases North Korea's reliance on China
  • Corporate resilience: the only way out of multifaceted economic crisis
  • Companies enhance benefits to better suit MZ employees' lifestyles
  • Korean Navy SEAL-turned-YouTuber in Ukraine reported injured
  • Ten killed in 'racially motivated' shooting at US grocery store
  • What do Hong Kong students think of Korea? What do Hong Kong students think of Korea?
  • Kim Seon-ho to play male lead in 'Touching the Void' this July Kim Seon-ho to play male lead in 'Touching the Void' this July
  • Britney Spears says she has lost baby in a miscarriage Britney Spears says she has lost baby in a miscarriage
  • [INTERVIEW] 'Monstrous' creator Yeon Sang-ho gives his thoughts on divided reaction [INTERVIEW] 'Monstrous' creator Yeon Sang-ho gives his thoughts on divided reaction
  • Award-winning play explores family longing, aims to go global Award-winning play explores family longing, aims to go global
DARKROOM
  • 2022 Pulitzer Prize: Bearing witness to history

    2022 Pulitzer Prize: Bearing witness to history

  • Worsening drought puts millions at risk

    Worsening drought puts millions at risk

  • Our children deserve the best

    Our children deserve the best

  • End of mask mandates

    End of mask mandates

  • Rio Carnival returns after two-year hiatus

    Rio Carnival returns after two-year hiatus

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group