The Korea Times

Chicken restaurant chains struggling to supply meat due to bird flu

Kyochon F&B's corporate logo / YonhapBy Kim Jae-heunLocal fried chicken restaurant chains are having a hard time supplying meat to their branches after bird flu ravaged 100 farms nationwide, resulting in the culling of over 28.61 million birds.Korea's largest fried chicken franchise, Kyochon F&B, recently posted a notice online that two of its menu items, “chicken wings” and “chicken wings and legs,” were temporarily out of stock.Kyochon's best-selling menu items are specific parts of chickens and the bird flu epidemic has made it especially hard for it to supply meat compared to other franchises. With only two wings per chicken, it takes several chickens to make up the menu item. Kyochon F&B's popular “Red Original” chicken menu item / Courtesy of Kyochon F&BAlso, bigger chickens are used and the items are composed of certain cuts of meat instead of serving the whole bird. “As the avian influenza outbreak drags on, poultry farmers cannot wait until their chicken are fully grown, because they can get infected at any time. So t

Feb 22, 2021By Kim Jae-heun

Chicken restaurant chains struggling to supply meat due to bird flu

Companies

Coupang's looming IPO adds pressure on rival Delivery Hero

A Coupang Eats delivery worker delivers food by bicycle to customers in Seoul in this undated file photo / Courtesy of CoupangBy Kim Jae-heunCoupang's push to go public on the New York Stock Exchange (NYSE), possibly as early as March, is raising jitters at Berlin-based Delivery Hero, which is preparing to grab a huge slice of Korea's burgeoning food delivery market by acquiring No.1-ranked Woowa Brothers. What's at stake is the pole position in an intensifying race to be the top player in Korea's food delivery market, which was scaled at around $15 billion last year, coming in third after China and the United States according to market researcher Euromonitor.Woowa Brothers operates Korea's largest food delivery service, Baedal Minjok (Baemin), which is in direct competition with Coupang Eats, a subsidiary of Coupang. Last December, the German food delivery service firm decided to accept a conditional approval by the Korea Fair Trade Commission (KFTC) conditional to sell No.2 food delivery service Yogiyo to gain approval to acquire Baemin. Back then, Coupang Eats just started food de

Feb 18, 2021By Kim Jae-heun

Coupang's looming IPO adds pressure on rival Delivery Hero

Companies

Coupang to upgrade delivery service after going public

Delivery workers pose with parcels in front of a vehicle at one of Coupang's distribution centers in Seoul, in this 2017 file photo. Courtesy of CoupangWorking conditions of delivery workers may disturb the success of Coupang's IPOBy Kim Jae-heunAfter confirming its aim to go public on the New York stock market, Coupang said it will beef up its already-fastest overnight delivery service to “same-day delivery.”“Currently, millions of items, including fresh foods, are delivered overnight or the next day. We will make the delivery on the same day for almost all orders in the country soon,” Coupang wrote in the securities report. Coupang currently operates 10 fulfillment centers, with plans to build seven more. A fulfillment center is where the company stocks items it purchased directly from sellers across the nation, and delivers them to buyers living locally. This fulfilment center system allows retailers to deliver orders faster, and customers can choose to receive their items at convenient times. Many of Coupang's rivals are keeping an eye on the online retail

Feb 17, 2021By Kim Jae-heun

Coupang to upgrade delivery service after going public

Coupang IPO could test Wall Street's appetite for profits

Companies

Evolution of local vegan, vegetarian market

By Kim Jae-heunVegan and vegetarian food options here are no longer expensive and hard to find. They have become so common that people can buy them at convenience stores and local supermarkets. Vegans and vegetarians used to be extremely rare in Korea, but with an increasing number of people choosing what they eat based on their beliefs and ethical values, the meat-free market has grown bigger than ever.According to the Korea Vegetarian & Vegan Association, the vegetarian population in the country has soared by 10 times from 150,000 in 2008 to 1.5 million in 2018. Though the vegetarian food market has hardly developed into a major market, people's recognition of the concept has improved and many who have a particular interest in environmental issues are also moving toward a meat-free diet. Catching onto this trend, local food companies have been expanding their business in the production of vegetarian food products. Dongwon Food & Beverage signed an exclusive contract with Beyond Meat, an American producer of plant-based meat substitutes, to sell the Beyond Burger here. SPC S

Feb 16, 2021By Kim Jae-heun

Evolution of local vegan, vegetarian market

Entertainment

Netflix's subscriber numbers surge in Korea due mainly to pandemic

In this file photo illustration a computer screen displays the Netflix logo on March 31, 2020 in Arlington, Virginia. / Yonhap-AFPGlobal streaming giant Netflix saw its subscriber numbers soar in South Korea last year due to changes in people's media usage patterns caused by the coronavirus pandemic, a report said Monday.According to the report by market research firm Nielsen Korea, the monthly unique visitors to Netflix in South Korea in November last year surged 64.2 percent, compared with January of the same year.Netflix also ranked second after YouTube in the ranking of mobile video operators.The U.S.-based company was also found to have taken advantage of the rising demand for video viewing, which is attributed to the public's stay-at-home trend driven by the pandemic, and have actively increased advertising spending, the report noted.It said Netflix's total advertising expenses here rose sharply to 20.2 billion won (about US$18.33 million) last year from 8.8 billion won in 2019.Besides Netflix, other over-the-top media service providers, such as Series On and Watcha, saw their

Feb 16, 2021By Kim Jae-heun

Netflix's subscriber numbers surge in Korea due mainly to pandemic

North Korea

Top nuke envoys of S. Korea, Japan hold phone talks on peninsula peace, denuclearization

Korea's chief nuclear envoy Noh Kyu-duk spoke with his Japanese counterpart Takehiro Funakoshi on the phone to discuss cooperation for complete denuclearization on the Korean Peninsular, Monday. Getty images bankSouth Korea's chief nuclear envoy, Noh Kyu-duk, spoke by phone with his Japanese counterpart on Monday to discuss cooperation for complete denuclearization and lasting peace on the Korean Peninsula, the foreign ministry said.The talks between Noh and Takehiro Funakoshi, director-general for Asian and Oceanian affairs at Tokyo's foreign ministry, came as Washington stresses the importance of trilateral cooperation with Seoul and Tokyo in addressing regional challenges, including the North Korean nuclear issue."The two sides exchanged views on ways for cooperation between South Korea and Japan, and among the South, the U.S. and Japan, to achieve progress in efforts for complete denuclearization and the establishment of enduring peace on the peninsula," the ministry said in a press release."The two sides agreed to continue close communication and cooperation regarding North Kore

Feb 16, 2021By Kim Jae-heun

Top nuke envoys of S. Korea, Japan hold phone talks on peninsula peace, denuclearization

Foreign Affairs

KOICA president vows to pursue 'Korean-style of ODA'

President of the Korea International Cooperative Agency Sohn Hyuk-sang / courtesy of KOICABy Kim Jae-heunThe President of the Korea International Cooperation Agency (KOICA), Sohn Hyuk-sang, said the organization will push forward with a new way of official development assistance (ODA) that acts in concert with the government's policy. Incumbent President Moon Jae-in seeks to strengthen economic cooperation with 14 Eurasian countries including Ukraine, Georgia, Kazakhstan and Uzbekistan while entering the Association of Southeast Asian Nations (ASEAN) market which is home to 600 million people. The government is also determined to pursue its “Green New Deal” policy centering on sustainable development. “In the line with the government's initiative, we will expand the Green New Deal and ODA plan in Eurasian and Southeast Asian countries while establishing remote-control systems and digitalization in accordance with the need to maintain social distancing during the COVID-19 pandemic,” KOICA President Sohn said.“We have been benchmarking the ODA policies of

Feb 15, 2021By Kim Jae-heun

KOICA president vows to pursue 'Korean-style of ODA'

Companies

E-mart considers unloading pet shop business

Models show pet-related products at Molly's Pet Shop in Starfield Hanam in Gyeonggi Province in this 2019 file photo. / YonhapBy Kim Jae-heunE-mart's pet shop chain Molly's Pet Shop may be put up for sale as several unnamed candidates including local private equity funds (PEFs) have contacted the country's largest retailer expressing interest in taking over the business. “There are candidates who wish to acquire E-mart's Molly's Pet Shop. We will contact E-mart to ask their opinion and collect strategic investors to prepare for a possible acquisition,” a source from an investment bank said. “So far, potential buyers expect the pet shop chain's enterprise value to be under 100 billion won ($907.6 million).”Molly's Pet Shop is one of E-mart's specialty stores which sells pet food in addition to providing pet boarding and medical services. The business was named after Shinsegae Group Vice Chairman Chung Yong-jin's dog Molly. E-mart currently operates around 30 of the stores across the nation ― mostly on properties owned by Shinsegae, the parent company of E-mart.

Feb 15, 2021By Kim Jae-heun

E-mart considers unloading pet shop business

Companies

Will CJ CheilJedang pursue large-scale investments?

CJ CheilJedang's corporate logo / Courtesy of CJ CheilJedangBy Kim Jae-heunCJ CheilJedang had a banner year in 2020, achieving a record-high operating profit of over 1 trillion. What is more surprising is that the stellar earnings came only a year after parent company CJ Group initiated emergency management measures due to its heavy debt load. The group is still continuing efforts to improve its finances, but earnings at the food division have recovered enough for it to consider new investments.All eyes are now on where the company plans to conduct these to fuel future growth.CJ CheilJedang emphasized that it plans to strategically utilize its assets, while staying clear of risky ventures. Instead of investing in new production lines or acquiring rivals, the company said it plans to focus on brainstorming new products or establishing new retail channels. The company's financial status has now recovered to levels seen before the costly acquisition of American frozen food manufacturer Schwan's Company in 2018. CJ CheilJedang spent 1.5 trillion won for that acquisition aimed at expandin

Feb 14, 2021By Kim Jae-heun

Will CJ CheilJedang pursue large-scale investments?

Companies

Will E-mart's expansion drive prove successful?

Illustration of Shinsegae's new theme park to be built by 2030 / Courtesy of Gyeonggi ProvinceBy Kim Jae-heunThe country's largest retailer E-mart is bucking global trends, building more shopping malls and opening a new theme park while others are closing down their stores. This is the opposite direction that E-mart's rival Lotte Shopping has taken, which decided to close down 30 percent of its stores over the next few years and concentrate on its online business, LOTTE ON. Chung Yong-jin, vice chairman of Shinsegae Group that owns E-mart, said he wants to sell “experience” to his customers. Last November, Shinsegae Group announced it will invest 1.46 trillion won over the next three years in building more Starfield shopping malls around the country, nearly half the amount of overall investment that E-mart is putting into its retail business. Furthermore, the retail giant also plans to open the country's largest theme park in Hwaseong, Gyeonggi Province, by the end of 2030. Shinsegae said it will spend 4.6 trillion won through Shinsegae Property Consortium. Acquiring SK W

Feb 13, 2021By Kim Jae-heun

Kim Jae-heun

Read more

Chicken restaurant chains struggling to supply meat due to bird flu

Coupang's looming IPO adds pressure on rival Delivery Hero

Coupang to upgrade delivery service after going public

Evolution of local vegan, vegetarian market

Netflix's subscriber numbers surge in Korea due mainly to pandemic

Top nuke envoys of S. Korea, Japan hold phone talks on peninsula peace, denuclearization

KOICA president vows to pursue 'Korean-style of ODA'

E-mart considers unloading pet shop business

Will CJ CheilJedang pursue large-scale investments?

Will E-mart's expansion drive prove successful?

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