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Nonghyup Moguchon spins off restaurant franchise business

2018.01.09 15:07:08 | 2018.01.09 15:07:30
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Hunter’s Moon [Photo provided by Nonghyup Moguchon]

Hunter’s Moon [Photo provided by Nonghyup Moguchon]

Nonghyup Moguchon, food processing affiliate of South Korea’s state-run National Agricultural Cooperative Federation (Nonghyup), has spun off its restaurant franchise business to expand its share in the country’s casual dining market, the company said Tuesday.

The company expects the demerged restaurant franchise business would make it easier and faster to open new restaurants of its franchise brands thanks to simplified decision-making process.

Nonghyup Moguchon currently runs restaurant franchise business with five brands including fried chicken restaurant chain ‘ToreOre’ and Korean style pub chain ‘Hunter’s Moon.’

ToreOre, Nonghyup Moguchon’s main restaurant franchise business, opened the first outlet in 2003 and had grown exponentially with the number of outlets reaching 1,000 in just five years. But it was forced to reduce the number of its restaurants to 700 amid intensifying competition in the country’s fried chicken business and has remained at a standstill for several years.

The other brands are also struggling to improve their revenue.

The company currently has 10 Hunter’s Moon franchised restaurants across the nation and aims to grow it to 30 following the spinoff. It also plans to actively recruit new franchisees under other restaurant brands as well.

By Lee Hee-soo and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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