US burger chain Five Guys to enter South Korea
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FGE Worldwide Senior Vice President William Peecher (L) shakes palms with Hanwha Galleria Director Kim Dong-seon after signing an settlement at a lodge in Seoul on Wednesday. Picture courtesy of Hanwha Galleria
The settlement was signed Wednesday with the Virginia-based burger franchise, with the dates and site of the primary retailer but to be decided.
Hanwha Galleria, a luxurious retailer and an affiliate of Hanwha Group, plans to open greater than 15 5 Guys areas within the subsequent 5 years.
The unique 5 Guys restaurant debuted in Virginia in 1986. The Murrell household, with 5 brothers, has headed the enterprise, which focuses on hamburgers, sizzling canines and French fries.
In early 2000s, the corporate began franchising, together with international enlargement. At the moment greater than 1,700 5 Guys shops function throughout the globe with one other 1,500 beneath improvement.
South Korea would be the fifth Asian nation to host the fast-growing model, following Hong Kong, Singapore, China and Malaysia.
This would be the first deal headed by Hanwha Galleria Director Kim Dong-seon, the third son of Hanwha Chairman Kim Seung-youn.
The junior Kim was prosecuted in 2017 for assaulting legal professionals at a cocktail party and stepped down from his Hanwha publish. He had been implicated in comparable circumstances twice earlier than.
In 2019, nonetheless, he returned to administration and starting in February, he started spearheading the brand new enterprise technique group for Hanwha Galleria.
With the 5 Guys entry, the competitors within the burger trade is anticipated to get much more heated with McDonald’s, Burger King and Shake Shack working in Korea.
Particularly Shake Shack, launched in Korea in 2016 by meals large SPC Group, has efficiently focused the high-end, area of interest burger market. At the moment, there are 23 Shake Shacks across the nation.
In the meantime, Korea’s main hen franchise firm BHC is on the point of open American fast-food chain Tremendous Duper Burgers in Korea, starting with a location in Seoul later this yr.
Questions & Answers
Q.What are Hanwha Galleria's long-term plans for opening Five Guys restaurants in South Korea?
What are Hanwha Galleria's long-term plans for opening Five Guys restaurants in South Korea?
Hanwha Galleria, a luxury retailer and affiliate of Hanwha Group, aims to open more than 15 Five Guys locations within the next five years, starting with the first store in Seoul early next year.
Q.Which other Asian countries currently host the Five Guys brand?
Which other Asian countries currently host the Five Guys brand?
South Korea will be the fifth Asian country to host Five Guys. The brand already operates in Hong Kong, Singapore, China, and Malaysia.
Q.Who signed the agreement on behalf of Hanwha Galleria, and what is their background?
Who signed the agreement on behalf of Hanwha Galleria, and what is their background?
Hanwha Galleria Director Kim Dong-seon, the third son of Hanwha Chairman Kim Seung-youn, signed the agreement. He returned to management in 2019 and began spearheading a new business strategy for Hanwha Galleria in February.
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