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Bonjuk & Bibimbap (본죽 & 비빔밥) Achieves Substantial Growth with New Franchises and 0% Closure Rate
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Bonjuk & Bibimbap (본죽 & 비빔밥) Achieves Substantial Growth with New Franchises and 0% Closure Rate
  • weekly, walkintoKorea
  • 승인 2023.06.20 10:33
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Bonjuk & Bibimbap renowned for its signature rice porridge and mixed rice dishes, has demonstrated significant expansion with new franchise openings and a remarkably low closure rate of 0%, indicating a solid and sustainable growth strategy.

According to Bon IF (본아이에프), on the 15th, Bonjuk & Bibimbap surpassed its previous record of 748 franchise locations, achieved in the previous year, by reaching a total of 833 franchises at the end of last year. In 2022 alone, the company opened 180 new locations, with 74% (134 locations) being conversions from existing Bonjuk stores. The trend of conversions has been consistently increasing since 2018, where there were only 31 cases. This can be attributed to the complementary nature of offering both rice porridge and mixed rice in a single establishment, which has resulted in increased customer satisfaction and franchise sales.

 

Apart from the expansion in terms of franchise numbers, Bonjuk & Bibimbap has also ensured a strong foundation. While the foodservice and franchise industries have been experiencing frequent closures, Bonjuk & Bibimbap achieved a closure rate of only 0.2% at the end of last year, marking a record low. In comparison, the closure rate for over 25,000 Korean franchise brands in 2020 was 14%, indicating the operational stability of Bonjuk & Bibimbap.

One of their franchise in Korea
One of their franchise in Korea (Picture: Naver)
One of their franchise in Korea (Picture: Naver)
One of their franchise in Korea (Picture: Naver)

Additionally, franchise locations that converted from Bonjuk to Bonjuk & Bibimbap experienced notable revenue growth. The average monthly sales growth rate for converted franchises was 35%, and for locations that expanded their space to around 20 pyeong (approximately 66 square meters), the sales growth rate reached an impressive 58%. Furthermore, the average monthly sales revenue for Bonjuk & Bibimbap in the previous year reached a record high of 35.66 million won.

 

The foundation for this substantial expansion lies in the company's steadfast commitment to sustainable business practices, including selecting timeless business concepts, careful franchise selection, and continuous education and communication. Looking ahead, Bonjuk & Bibimbap plans to actively engage in marketing efforts and menu upgrades for its bibimbap dishes, aiming to establish itself as a leading representative of Korean cuisine.

 

Kim Tae-heon (김태헌), the head of Bonjuk's headquarters, expressed satisfaction with the high level of customer and franchisee satisfaction for Bonjuk & Bibimbap, stating, "With the strong support from our customers and franchise owners who appreciate the tradition and value of Korean cuisine, we have achieved significant results in both new franchise openings and closure rates. Bonjuk & Bibimbap will continue to solidify its position as the leading Korean specialty restaurant in South Korea by further enhancing the brand."

 

In conclusion, Bonjuk & Bibimbap has successfully expanded its franchise network while maintaining a stable and sustainable business model. Through its dedication to preserving the essence of Korean cuisine and its customers' satisfaction, Bonjuk & Bibimbap is poised to solidify its position as a representative Korean restaurant in the country.


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