Latest news with #LotteGRS
Yahoo
26-05-2025
- Business
- Yahoo
South Korean Lotteria set to expand into Philippines market
Lotteria, a South Korean fast-food chain, is planning to establish a presence in the Philippines market. The news was disclosed by the Philippine Department of Trade and Industry (DTI). Discussions took place on 16 May in Seoul between Trade Secretary Cristina Roque and representatives from Lotte GRS and other South Korean conglomerates, the Philippine Star reported citing the DTI. The talks focused on the conglomerates' investment and expansion strategies in the Philippines, with an emphasis on food service, franchising, and retail sectors. The companies are considering various investment avenues such as joint ventures, master franchise agreements, and operations tailored to the local market. Lotte GRS, the restaurant service division of Lotte Group, is specifically gearing up to introduce its brand, Lotteria, in the country. Over the next five year, the company aims to open a minimum of 30 stores. The newspaper quoted DTI as saying: 'This initiative has strong focus on local sourcing and workforce development. Additionally, other companies revealed plans to roll out modern convenience store models designed to meet the demands of consumers in the Philippines. A commitment was made to predominantly source products locally; more than 95% of items sold in their international outlets are procured from within the host nation. The dialogue also encompassed strategies for incorporating digital commerce solutions and enhancing last-mile delivery capabilities. Beyond food service and retail endeavours, South Korean entities are investigating prospects for restaurant growth and establishing import-export networks for Philippine agricultural and seafood commodities. A recent partnership has led to one company's announcement that it will open its inaugural outlet in Manila by August 2025. In August of the previous year, Aniai, a New York-based robotic kitchen startup, installed 15 hamburger grill robots across various burger chains in South Korea, including in Lotteria locations. "South Korean Lotteria set to expand into Philippines market" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
28-03-2025
- Business
- Korea Herald
Burger chain Lotteria to raise prices on higher costs
Lotteria, a burger chain operated by Lotte Group's affiliate Lotte GRS Co., will raise prices of its main products next week to pass higher costs onto customers, Lotte GRS said Friday. Lotteria will raise the prices of 65 items, including 23 burgers, beverages and desserts, by an average of 3.3 percent from Thursday, Lotte GRS said in a press release. Of them, the flagship Ria Bulgogi and Ria Shrimp burgers will be sold for 5,000 won ($3.41) per unit, up from the current 4,800 won, it said. "The price hikes were inevitable to reflect a variety of rising costs, the won's weakness (against the dollar) and high raw materials prices due to climate change," the company said. The move came just eight months after it announced 3.3 percent price hikes for its main products in August last year. Food, coffee and beverage companies have recently increased their product prices, citing higher costs and the won's weakness against the greenback that pushes up their spending on raw materials mostly imported from overseas. Starting March 20, McDonald's Korea raised the prices of 20 menu items by an average of 2.3 percent, pushing the price of the signature Big Mac meal by 200 won to 7,400 won. Many others, including Starbucks Korea, instant noodle maker Nongshim Co. and dumplings maker CJ Cheiljedang Corp., have also raised their product prices. (Yonhap)
Korea Herald
28-01-2025
- Business
- Korea Herald
Lotteria back on grill: Burger chain hits W1tr in comeback
Lotteria, once overshadowed by doubts over taste and image, breaches 1 trillion won sales mark in 7 years Burger chain Lotteria, under Lotte Group's food franchise arm Lotte GRS, is making a bold comeback, burning away its stale reputation with a flavorful rebranding makeover. Industry insiders predict that Lotte GRS will break through the 1 trillion won ($694 million) sales barrier for the first time after a 7-year stagnation. Lotteria is leading the charge, contributing over 70 percent of the company's total revenue. This sales milestone would place the burger chain back on the 1 trillion won ($7.5 billion) track, a streak it maintained from 2013 to 2017. The food group has come a long way, having faced major challenges starting in 2018. Its sales declined from over 1 trillion won in 2017 to 830.9 billion won in 2018, further plummeting to 675.7 billion won in 2021 during the pandemic. The company returned to profitability in 2022, achieving operating profits of 1.7 billion won on revenues of 781.5 billion won. By the third quarter of last year, Lotte GRS reported a 7 percent on-year revenue increase to 744 billion won, with operating profits soaring 109.3 percent to 36 billion won. Lotteria's turnaround after years of struggles highlights its resilience amid fierce competition from McDonald's, Burger King and local rival Mom's Touch. In 2023, McDonald's posted the highest annual sales in the Korean burger franchise market, with over 1.29 trillion won, followed by Lotte GRS at 924 billion won and Burger King at 745 billion won. New taste sensations Lotteria's revival stems from strategic rebranding, focusing on innovative burgers and a modernized brand identity under the "Taste the Fun" slogan. They also renamed their classic burgers and updated the logo to reflect a more contemporary image. Its new burger offerings, such as the Jeonju bibimbap rice burger and the king pork cutlet burger, captured evolving consumer tastes, particularly among younger generations. The bibimbap burger sold 800,000 units in its first month, while the king pork cutlet burger hit 550,000 units in two weeks. These items contributed to a 10 percent sales increase on-year and a 5 percent rise in consumer count in the first quarter of last year. The squid alive burger also generated significant attention, with its sell-out rate surpassing the monthly sales target within a week, achieving over 700,000 units sold within 11 days of its launch. The recent talk of the burger scene is the Napoli Mafia Mozzarella Burger, which sparked a sold-out frenzy following its launch on Jan. 16. Developed in collaboration with star chef Kwon Seong-jun from Netflix's "Culinary Class Wars," the burger has boosted the chain's sales by 33 percent on-year to 30 billion won within the first week of its release, with around 450,000 units sold. 'Lotteria is steadily cementing its identity as a forward-thinking brand,' an industry official said, adding that its creation of distinct K-style burgers has set it apart from its American counterparts. Store refurbishments Along with its success in menu launches, Lotteria has also committed to revamping its outdated image through store renewal. As part of its relocation strategy, Lotteria closed underperforming stores while focusing on new openings, with well-performing outlets undergoing renovations. In December last year, Lotteria opened eight newly renovated company-owned stores, which sparked an uptick in both sales and consumer count, according to a company official. "We plan to enhance the customer experience through store renewals and ensure profitable store management with our renovation efforts," the official said. The firm also aims to expand its store count to 1,400, up from its current count of around 1,300 stores. As of now, Mom's Touch leads in store count with approximately 1,400 outlets nationwide. The franchise has also started leveraging technology-driven solutions to optimize efficiency and spur profitability, as demonstrated by the automated patty-cooking and frying robots at its renovated Guro Digital Complex station and Seoul National University station outlets. Beyond its stronghold in Korea, Lotte GRS is expanding its reach into international markets, building on its existing presence in Vietnam, Myanmar, Cambodia, Kazakhstan, Laos and Mongolia. It established its US-based corporate entities Lotte GRS USA in 2023 and Lotteria USA in 2024, planning to open its first US store this year. The company is also set to launch its first Lotteria store in Singapore during the second quarter of this year, further advancing its expansion across Southeast Asia.
