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Korea Herald
12 hours ago
- Entertainment
- Korea Herald
What you want is what you get … in a cup
From bingsu to noodles, to even sashimi, popularity of delicacies in tiny containers going strong in Korea With the seasons changing, a new "bingsu in a cup" trend is gaining popularity among young Koreans gearing up to survive the infamously humid and hot summer. Offered mostly by low-priced coffee joints like Mega Coffee, Compose Coffee and Ediya Coffee, the novelty dish packs all the regular features of the snack in a plastic cup usually used for drinks: frozen milk or cream, sweetened red beans, bite-sized rice cakes, syrup of your choosing, and of course, the chunk of shaved ice that makes it one of the most popular summertime snacks here. Cup bingsu is just the latest in a long line of popular snacks and meals to be packaged in a cup. What may sound like a "Wall-E"-type dystopian nightmare on paper is actually quite an enjoyable and affordable form of food here, expanding its scope from the time-proven cup noodles to cup bap (rice), cup tteokbokki (spicy rice cakes) and apparently just about anything within the palm of your hands. Low-price and accessibility Bingsu is rarely considered a dish for one because of its price and size. Sulbing, one of the most popular local bingju joints, offers its most basic Injeolmi Bingsu (bingsu with bean powder-coated rice cake) at 9,900 won ($7.2). Served in a large bowl, it is an optimal snack to share with a friend. But the price tag for cup bingsu is usually in the 4,000-won ($2.90) range, rarely going above 6,300 won. This makes it an ideal snack to enjoy by yourself. The affordability of a dish for one has been the main appeal of cup foods here since the grandfather of modern-day cup meals, cup ramen, was first introduced in Japan. Momofuku Ando, a Taiwanese-Japanese man who made and lost his fortune in World War II, famously invented instant ramen and packaged it in a cup — known as Cup Noodles — to appeal to the international market. In 1972, Korean food and beverage company Samyang Foods launched the first localized version of Cup Noodles here, and it rapidly garnered popularity in ensuing decades, particularly with the introduction of convenience store franchises in the mid-1990s. Another popular cup dish is cup bab, a cupped version of rice with toppings that was born as a street food in Noryangjin-dong, Dongjak-gu of Seoul. Noryanjin in the 2000s enjoyed its heyday as a mecca for aspiring civil servants, with countless private academies offering courses for the government service entrance exam. The cram school students sought dishes that were cheap and quick, which was addressed by street vendors selling cup bab. With rice being the main source of carbohydrates for Koreans, cup bab sold at around 2,000 won and was a welcome change from the cheap sandwiches and hamburgers that had fed them before. Cup-bab vendors in Noryangjin today are not nearly as prominent as before, but the once-popular dish has found its way to convenience stores in their stead. Cup bab is now sold inside cup-shaped wrapped containers, which can be stored longer and heated instantaneously for eating. Some consider the new form of cup bab a hit or miss, as the dried-up toppings and its new price tag are hardly an exact recreation of the once wildly popular dish. Around the same time adult students were having cup bab, their younger counterparts were filling their bellies with cup tteokbokki. Eateries and street vendors started selling the popular snack in small portions to children with limited pocket money, but it has since found its way into official menus. Perhaps the most unusual cup food is none other than sushi, such as the "cold sashimi soup with beef tartare" offered by a local franchise. The small portion dish is a limited-time offer only for the summer, although affordability hardly factors in for a 13,900-won meal. Health issues? The Styrofoam containers that cup foods are often packaged in have fueled a widespread urban legend that pouring steaming hot water could release harmful substances. The Ministry of Food and Drug Safety in 2021 debunked this belief in 2021, experimenting on 49 types of disposable containers using polystyrene products to see if applying heat would lead to such results. Though a small amount of styrene was detected in eight containers, it was deemed too low an amount to impact human health. The only issue the ministry found with the containers is that they could break when heated. While the containers may not be harmful, there have been several studies indicating that cup foods do not provide balanced nutrition. In 2020, researchers from the Korea Consumer Agency analyzed cup bab provided by 13 major food and beverage companies, which showed that they had much higher sodium levels compared to the total calories. Specifically, each cup bab on average provided about 21.7 percent of the recommended daily calorie intake — which the research said was about 2,000 calories — but 50.3 percent of the recommended daily sodium intake of 2,000 milligrams. As in the case of the study by the Food and Drug Safety Ministry, no significant level of harmful substances was detected in the containers. Cup bingsu is high in sugar, with one serving provided by Mega Coffee having 86 grams of sugar per cup. The World Health Organization recommends that sugar intake be no more than 10 percent of one's energy intake, or about 50 grams daily. Tteokbokki and instant noodles are not considered healthy foods, as they consist mostly of carbohydrates while having an excessively large amount of sodium compared to their general calories. As such, it is recommended that one should not regard cup foods as their main energy intake and balance their diet with nutrient-rich foods. The KSA study concluded by saying that one should not eat cup bab with other salty foods like cup ramen, and advised people to eat food with sufficient potassium to help release the excess sodium.
Korea Herald
26-05-2025
- Business
- Korea Herald
Teen spending in Korea hits W1.75m in 2024 -- see what topped the list
Convenience stores top teen spending spots, followed by school shops and restaurants South Korean teenagers spent an average total of 1.75 million won ($1,200) last year, marking a significant increase in youth consumption, according to data released by NH NongHyup Bank. The figure translates to roughly 150,000 won per month, up 30 percent from 2020. The analysis was based on the bank's financial data collected from its teenage customers. Teenagers made an average of 262 card transactions in 2024, with debit cards rising as the most common method of payment among young consumers. The proportion of students using their cards more than twice a day jumped from 18 percent in 2020 to 29 percent last year, the bank noted. Debit card usage among elementary and middle school students saw an uptick in March, coinciding with the start of the school year. For high school students, spending peaked in December, which is a trend the bank attributed to post university entracne exam celebrations. While convenience stores, in-school supermarkets and restaurants remained the top spending destinations for both boys and girls, there were also notable gender-based spending patterns, according to the bank. Male students visited internet cafes, called "PC bang" here, an average of 16 times per year, while female students went to coffee shops about 17 times annually. Coffee purchases also peaked between 4 p.m. and 5 p.m., shortly after school hours. Mega Coffee, known for its budget-friendly offerings, was the most frequented cafe chain among students, making up 18 percent of total cafe transactions. Compose Coffee and Paik's Coffee followed closely, indicating teenagers' preference for affordable coffee options. Despite the rise in spending, teenagers appear to be saving more as well. NH NongHyup Bank reported a 6 percent on-year increase in deposit account balances among its teen customers.
Forbes
30-03-2025
- Business
- Forbes
Billionaire Tony Tan Caktiong's Jollibee Spending Record $366 Million For Expansion
A pedestrian walks past the Filipino multinational chain of fast food Jollibee restaurant in Hong ... More Kong. (Photo by Sebastian Ng/SOPA Images/LightRocket via Getty Images) Jollibee Foods—controlled by billionaire Tony Tan Caktiong and his family—is spending up to 21 billion pesos ($366 million) this year to bring its global footprint to over 10,000 stores. The largest Philippine fast food chain will open up to 800 new stores this year with its coffee segment a key expansion driver, Richard Shin, chief financial officer of Jollibee, said in an email response to Forbes Asia's queries. 'Our expansion strategy remains anchored in our strategic framework, focusing on growing the coffee and tea segments,' Shin said. The Coffee Bean & Tea Leaf will lead the coffee segment's global expansion, while Compose Coffee, which was acquired last year, will continue strengthening its presence in South Korea for now, he said. About 500 of the new stores will be opened outside of the Philippines, Shin said. Jollibee had 9,766 stores at the end of 2024, with 6,384 located overseas including 2,629 outlets of South Korea's Compose Coffee. 'We see strong potential for expansion in various international markets, particularly in Southeast Asia,' Shin said. 'Additionally, North America and Europe present exciting growth opportunities.' Franchised outlets will account for 70% of new store openings this year. Jollibee—known for its bestselling crispy fried chicken and sweet-sauced pasta—is focusing its expansion on franchising its flagship restaurant with franchised outlets accounting for 70% of new store openings year, Shin said. A significant portion of Jollibee's capital expenditures this year will be spent on technology to drive transaction growth and revenue, Shin said. The rest will be spent on building new and renovating existing company-owned stores and constructing facilities such as new commissaries in the central Philippine island of Cebu. In the past decade, Jollibee had stepped up its global expansion to meet its target of tripling its net income to 24 billion pesos from 8.8 billion pesos in 2023. It has also been investing in new segments such as coffee, while reducing losses at U.S. chain Smashburger, Shin said. The group's net income rose 18% to 10.3 billion pesos in 2024 and Shin forecasts the net income will steadily increase to 11.9 billion pesos in 2025, 15 billion pesos in 2026 and reach 19 billion pesos in 2027. Jollibee started in 1975 when Tan and his family opened an ice cream outlet in a Manila suburb that evolved into the first Jollibee restaurant three years later. The group has since grown globally, operating 19 brands including Chinese restaurant chain Tim Ho Wan and Vietnam's Highlands Coffee, across 34 countries. With a net worth of $2.9 billion, Tan and his family ranked No. 6 when Forbes Asia published the list of the Philippines richest in August.
Korea Herald
12-02-2025
- Business
- Korea Herald
Private equity funds eye Korean F&B expansion
Korean franchises reemerge as investment hotspots amid steady market growth, rising global potential Private equity firms are increasingly acquiring South Korea's food and beverage companies, capitalizing on the sector's growth despite inflation and economic slowdown. LBM, operator of the popular bakery brand London Bagel Museum, is reportedly in the final stages of merger talks. The company has been exploring the sale of its controlling stake to several domestic and international private equity firms since last year, with a deal expected soon. Seoul-based PE firm JKL Partners emerged as a potential acquirer, although LBM has denied the report, stating that it is "focusing on securing new investments for overseas expansion," rather than pursuing a sale. LBM is preparing to enter Japan and Singapore, seeking a 300 billion won ($206.4 million) market valuation. Since the second half of last year, private equity firms have emerged as key players in driving M&As within Korea's food and beverage sector. In July 2024, Elevation Equity Partners Korea and Philippine food giant Jollibee jointly acquired Compose Coffee for 470 billion won. By investing in a joint venture between J&Partners and Quinvir Investment, Samhwa Foods took control of the viral yogurt brand Yoajung. Forest Partners is also in talks to acquire Myeong Ryun Jinsa Galbi for 160 billion won. Private equity firms are returning to Korea's food and beverage M&A market after a lull starting in 2021, spurred by global inflation and the COVID-19 pandemic. The sector has recently regained its appeal through steady growth. While the broader dining industry faces challenges from a slowing economy, leading franchises continue to perform well. Valuations have been bolstered by shifts during the pandemic era, including the rise of delivery-driven businesses and the growth of social media marketing. The growing global demand for Korean food, driven by the Korean cultural wave, has also fueled investor interest. Data shows that exports of Korean food reached $11.7 billion last year, up 6 percent on-year, with shipments to the US surging 20 percent. "The Korean food and beverage sector was once dubbed 'the grave of PEs' due to its limitations — a small domestic market and limited success abroad — despite its traditional appeal," said an official in the local PE industry. "However, recent global successes of Korean companies like Samyang Foods, coupled with the growing popularity of Korean cuisine, have fueled optimism that Korean food and beverage brands can expand internationally." More PE firms are specifically targeting international opportunities. Q Capital Partners and Koston Asia recently launched the sale process for the chicken franchise Norang Tongdak, while Compose Coffee's new owners plan to position the brand as an affordable coffee franchise spanning Southeast Asia. While concerns persist over the common PE strategy of scaling a company's value in the short term before reselling it for profit, many experts believe the advantages outweigh the drawbacks, especially as a PE acquisitions can inject vitality into the market. "While the benefits vary, PE ownership typically allows efficient resource allocation to drive value improvements, leveraging global networks and expertise from previous investments to facilitate expansion to the next level," the official said, noting that many firms are increasingly focusing on operations to drive positive corporate restructuring, rather than merely seeking profit. A prime example is Han & Co.'s acquisition of Namyang Dairy Products. The company ended a six-year loss streak and returned to profitability in 2024, within a year of the PE firm's leadership. It also made significant strides in restoring brand value, which had been tarnished by ownership issues, including former chairman and founder Hong Won-sik's abuse of power and embezzlement. Since KL&Partners acquired Mom's Touch in 2019, the brand has grown significantly. After delisting in 2022, KL&Partners focused on strategic value-enhancing, increasing revenue by 26 percent and tripling operating profit in just four years. The company has also expanded aggressively, entering Thailand in 2022, Mongolia in 2023, and Laos and Japan in 2024, with plans for Kazakhstan and Indonesia this year. A more favorable environment for franchise M&As is expected to revitalize stalled sales for several brands, including Affinity Equity Partners-owned Burger King Korea, which has been seeking a deal for years. Mom's Touch, which failed to secure a 1 trillion won valuation in a 2022 sale attempt, has reportedly reentered the market.
