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Convenience stores join fried chicken price war

A customer orders fried chicken at a CU store in Seoul, Feb. 9. Courtesy of BGF RetailBy Kim Jae-heunConvenience store chains have entered the ongoing fried chicken price war, which was triggered by large retail stores as they try to attract more customers by undercutting fried chicken franchise restaurants with low prices, according to company officials, Friday.They are selling fried chicken at half the price of franchises and offering “two for one” promotions. Fried chicken is not only good for attracting customers, but it also increases sales of other products such as alcoholic beverages and lunchboxes. The country's largest convenience store brand CU, operated by BGF Retail, became the first firm to offer one extra fried chicken meal for free when customers buy two. The company decided to do so after its fried chicken sales soared year-on-year by 78.9 percent between Aug. 1 and 26. CU's fried chicken is sold for 10,900 won ($8.03) at all of its stores across the country.“We planned a Plus One event reflecting our customers' interest in fried chicken. We are revi

Sep 2, 2022By Kim Jae-heun
Convenience stores join fried chicken price war
Companies

Daesang opens key research center in Seoul

Daesang CEO Lim Jung-bae, center, and Daesang Holdings CEO Choi Seong-soo, sixth from left, pose for a photograph during the opening ceremony of DAESANG Inno Park in Magok, Seoul, on Sept. 1. Courtesy of DaesangBy Kim Jae-heunDaesang has opened a key research center called DAESANG Inno Park in Magok, western Seoul, so as to help it in becoming a global food firm, the company said, Thursday.Daesang plans to study the trends of local food and raw material markets whilst actively conducting joint research through exchange programs between other food firms at the center.The food company invested 120 billion won ($88.65 million) to erect DAESANG InnoPark. The construction took two years to complete ― in June of this year. The 8 story building also has two basement levels. The research center consists of a food research institute, kimchi technology research institute, global research institute, food safety center, BIO research institutes and much more.There are also various welfare facilities for food firm employees such as an in-house coffee shop, a fitness center and a nurture room to he

Sep 2, 2022By Kim Jae-heun
Daesang opens key research center in Seoul
Companies

Dongwon introduces low-calorie Richam giftset for Chuseok

Dongwon F&B's giftset with Richam products / Courtesy of Dongwon F&BBy Kim Jae-heunDongwon F&B has prepared 200 different kinds of giftsets for Chuseok, an autumn holiday which falls on Sept. 10 this year, company officials said, Tuesday.The company includes its Richam Double Light canned ham product in its giftsets to satisfy the consumer demand for healthier foods. Richam is the first low-sodium canned ham, introduced by Dongwon F&B in 2003 to change consumers' perception that “canned ham is salty.”The product is made with over 90 percent pork to reduce saltiness while increasing the meaty taste.Richam Double Light is even healthier than the original version. It includes only 510 milligrams of sodium per 100 grams of meat, which is 25 percent less than the average sodium contained in the top three canned hams available here. Richam Double Light also has only 20 grams of fat per 100 grams of meat, significantly less than 28 grams of fat per 100 grams of meat included in the average top three canned hams. Dongwon F&B reduced the product's sodium levels

Aug 31, 2022By Kim Jae-heun
Dongwon introduces low-calorie Richam giftset for Chuseok
Companies

Homeplus to attract customers by offering lowest prices via AI

A Homeplus employee holds tofu in her hands at one of the company's stores in Seoul, Aug. 23. Courtesy of HomeplusBy Kim Jae-heunHomeplus, one of Korea's three major discount supermarket chains, is looking to attract customers by offering the lowest prices for its grocery items in the local market by utilizing a big data algorithm system, the company said on Wednesday.It will select the 50 daily best-selling items and fresh foods every week to compare their prices with rival retailers' stores before selling them for cheaper. Products include bananas, cherry tomatoes, rice, potatoes, carrots, milk, detergents, toothpaste, frying pans and various snacks. The retail firm has already been promoting its Price Stabilization Project under the direction of its CEO Lee Je-hoon since the beginning of this year.In the first 200 days of Homeplus' sales marketing policy ― from Jan. 13 to July 31 ― its online revenues and volume of orders increased year-on-year by 20 percent and 22 percent, respectively. Starting in February, the large discount store also offered the lowest prices on its in-house

Aug 30, 2022By Kim Jae-heun
Homeplus to attract customers by offering lowest prices via AI
Companies

Shake Shack continues to boom amid growing burger market

Customers wait in line to order at Shake Shack's first restaurant in Busan, in this 2018 file photo. Korea Times file By Kim Jae-heunSPC Group initially had plans to open 25 Shake Shack restaurants in Korea by 2025 and it has already opened 22 on the back of its growing popularity among local hamburger lovers, according to company officials, Tuesday. SPC Group Vice President Hur Hee-soo / Courtesy of SPC Group Shake Shack has solidified its position in the local burger market along with its rapid expansion. It started off with opening two to three restaurants between 2016 and 2019, and the number increased to six in 2021. Then, in the first half of this year, the American burger chain opened two other restaurants. “The appearance of many new premium burger brands, including Shake Shack, has enlarged the size of the local market. It is showing more p

Aug 30, 2022By Kim Jae-heun
Shake Shack continues to boom amid growing burger market
Companies

Restaurants hit by worker shortage

A man walks by a number of job ads posted on the wall of a job placement agency in Daerim-dong, Seoul, on Aug. 8. YonhapBy Kim Jae-heunA 35-year-old vegetable shop owner surnamed Choi has been running two shops in Seoul for the past five years. He had two part-time workers at each shop, but Choi has decided to work alone after his business fell into a deficit amid the COVID-19 pandemic. When with the government eased the limitations on multi-facility operating hours and private gathering sizes at the end of April, Choi started looking for part-time workers, but he couldn't find any.“I have been having trouble hiring any staff at my store in Jangchung-dong for nearly half a year now. No one is applying for the job and I have been working here alone for two years. I don't have time to take care of my other shop in Hongdae and I am thinking of closing one store temporarily,” Choi said.A 34-year-old salad restaurant owner surnamed Kim echoed Choi's views.“I started my own business two years ago and I am having the most difficult time recruiting people this year. It is v

Aug 30, 2022By Kim Jae-heun
Restaurants hit by worker shortage
Companies

Hyundai Engineering to solidify lead in micro modular reactor market

Hyundai Engineering CEO Hong Hyeon-sung, right, poses with USNC CEO Francesco Venneri, after signing a purchase contract for the “Canada Chalk River MMR Demonstration Project” held at USNC's headquarters in Ottawa, on Aug. 26. Courtesy of Hyundai EngineeringBy Kim Jae-heunHyundai Engineering has joined hands with USNC, an American company specializing in small module nuclear power plants with fourth generation ultra-high temperature reactors, to solidify its position as a global leader in the micro modular reactor (MMR) sector. The company said Sunday it signed an agreement on Aug. 26 to purchase major equipment in connection with the “Canada Chalk River MMR Demonstration Project.Hyundai Engineering will supply machinery, equipment and materials for processing radioactive materials in the construction of the project and provide purchase support services under the deal. Prior to this, the engineering company signed a contract on detailed design to promote the MMR demonstration project in June. Canada Chalk River MMR Demonstration Project is currently the most commerc

Aug 29, 2022By Kim Jae-heun
Hyundai Engineering to solidify lead in micro modular reactor market
Companies

Two scientists receive Merck awards

From left are Executive Vice President of Merck KGaA Michael Heckmeier, the winner of Merck Young Scientist Award professor Kang Suk-ju, the winner of Merck Award professor Noh Yong-young and Managing Director of Merck Korea Kim Woo-kyu pose for a picture during the Merck Award held in Busan, on Aug. 24. Courtesy of Merck KoreaBy Kim Jae-heunMerck Korea, a leading science and technology company, announced the winners of this year's Merck Award and Merck Young Scientists Award during the International Meeting of Information Displays (IMID) 2022 in Busan, Wednesday. Professor Noh Yong-young of Postech, the winner of the Merck Award, reported innovative research results on the development of semiconducting materials for backplane TFT technology of OLED displays.The development of high-performance p-type semiconductors and related TFTs is considered a technical challenge not only in the display industry but in the semiconductor industry due to the relative low hole mobility of most conventional semiconductors. Noh developed the world's first, high-performance p-type TFT by using tin-base

Aug 25, 2022By Kim Jae-heun
Two scientists receive Merck awards
Companies

Ediya Coffee to try luck overseas again

Ediya Coffee CEO Moon Chang-ki speaks during a press conference held at Dream Factory in Pyeongtaek, Gyeonggi Province, Aug. 23. Courtesy of Ediya CoffeeBy Kim Jae-heunEdiya Coffee, the coffee franchise with the largest number of stores in the country, will take its brand abroad again by opening a store in Guam this year, according to the company CEO. “The domestic coffee market is already saturated. Rather than looking for opportunities in a red ocean, we are planning to find new growth engines overseas,” Ediya Coffee CEO Moon Chang-ki said. “Our first store in Guam will serve as a stepping stone to enter the global market.” The coffee chain operates some 3,000 stores across the country, but it doesn't run any abroad. In 2005, Ediya Coffee opened its very first overseas store in Beijing, but the business lasted only three years there.“We have been preparing to go abroad for quite some time after our business failed in China. We have now completed our plan to bring the taste of our coffee to global customers,” Moon said. Guam is an optimal choice f

Aug 25, 2022By Kim Jae-heun
Ediya Coffee to try luck overseas again
Companies

Homeplus to attract customers by offering lowest prices via AI

Homeplus' popular Dang Dang Chicken is displayed at its store in Seoul, Aug. 9. Courtesy of HomeplusBy Kim Jae-heunHomeplus, one of Korea's three major discount supermarket chains, is looking to attract customers by offering the lowest prices for its grocery items in the local market by utilizing a big data algorithm system, the company said on Wednesday.It will select the 50 daily best-selling items and fresh foods every week to compare their prices with rival retailers' stores before selling them for cheaper. Products include bananas, cherry tomatoes, rice, potatoes, carrots, milk, detergents, toothpaste, frying pans and various snacks. The retail firm has already been promoting its Price Stabilization Project under the direction of its CEO Lee Je-hoon since the beginning of this year.In the first 200 days of Homeplus' sales marketing policy ― from Jan. 13 to July 31 ― its online revenues and volume of orders increased year-on-year by 20 percent and 22 percent, respectively. Starting in February, the large discount store also offered the lowest prices on its in-house private brand

Aug 24, 2022By Kim Jae-heun
Homeplus to attract customers by offering lowest prices via AI
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