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| Genesis BBQ Chairman Yoon Hong-geun gives a speech during the company's 25th anniversary, at one of the company's buildings in Seoul, on Sept. 1, 2020. Courtesy of Genesis BBQ |
By Kim Jae-heun
A growing number of consumers are calling for a boycott of Genesis BBQ after its chairman Yoon Hong-geun argued that consumers should pay at least 30,000 won ($24.51) for the firm's fried chicken, according to industry watchers Sunday.
When asked about consumers paying 20,000 won on average for a serving of fried chicken in a radio interview last Thursday, Yoon said it should cost at least 30,000 won. He compared the price for pork belly to chicken, claiming fried chicken is too cheap.
It has only been five months since the country's top two fried chicken franchises, Kyochon F&B and bhc, raised the price tags of their menu items to near and above 20,000 won. Consumers are particularly sensitive about fried chicken prices because it is a local favorite.
"I would rather eat something else with 30,000 won. Who would order fried chicken for that price if he is not mad," a 33-year-old restaurant owner surnamed Huh said.
Yoon indicated a recent price hike of food materials and increase in retailing costs as well as small profit returning to franchisees as the main reasons to increase chicken menu items to the 30,000 won range. However, consumers are unconvinced about the chairman's consideration for the restaurant owners.
"If he cares so much for the small business owners, he should reduce the margin for his company and stop forcing them to upgrade BBQ restaurant's interior designs, which costs a ridiculous amount of money," another consumer surnamed Jeon said.
In 2020, Genesis BBQ achieved an all-time high 53.1 billion won in operating profit, up 119 percent from a year earlier. Consumers pointed to this as an argument to Hong's comment during the radio interview that his company makes only a small profit from fried chicken sales.
There is also speculation that Yoon's remarks were designed to increase the price of BBQ chicken in the near future. When Kyochon F&B and bhc raised fried chicken prices last year, BBQ decided to freeze its prices saying it does not want to place the burden on customers.
"Yoon's comments were not indicative of an increase in the price for BBQ menu items. He just wanted to say 30,000 won is not expensive for so much effort that BBQ franchisees are putting into making fried chicken," a Genesis BBQ official said. "We do not have any plans for a price hike now."
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