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The Korea Times

By Ko Dong-hwan
Kimbap shops, which have long attracted consumers with their affordable prices, are losing ground in the country’s dine-in market because of rising costs and the popularity of major convenience store chains, according to market experts.
The impact has hit both family-run stores and franchise restaurants, causing them to see lower profits or even close down. As for the prices, the reasons behind them rising is multipronged.
The rising prices of ingredients that go into kimbap – steamed rice and various ingredients wrapped in dried seaweed – is a key reason the businesses are increasingly becoming cash-strapped.

According to Korea Agro-Fisheries & Food Trade Corp., a governmental agency responsible for promoting, exporting and marketing Korean food around the world, the prices have mostly gone up from the previous year.
A 10-piece pack of dry seaweed jumped to 1,360 won (US$1) this year from 990 won, 1kg of carrots to 7,580 won from 6,250 won, 10 cucumbers to 14,600 won from 13,100 won and 100 grams of spinach to 3,790 won from 2,360 won.
Prices of burdock imported from China have also spiked to the unprecedented level of 5,000 won per kilogram, according to the businesses.
Delivery costs are another factor.
The country’s major online delivery ordering platform operators have all raised commission fees charged to restaurants using the platforms to 9.8 per cent per order from 6.8 per cent.
Baedal Minjok, the biggest player in the delivery platform market, followed its rivals, Coupang Eats and Yogiyo, by increasing its fee rate in August.
Because of the increasing pressure, more kimbap businesses are forcing consumers to spend a minimum of 20,000 won to 30,000 won for delivery orders, increasing inconvenience for those wishing to use the service.
The overall prices of kimbap have risen on average to 3,485 won per roll, an 8.4 per cent year-on-year increase, according to the Korea Consumer Agency.

Besides the price, kimbap shops are catching flak from diverse angles.
Convenience store chains, another retail sector drawing consumers with cheap prices for a variety of meals and desserts, have been introducing affordable kimbap for as low as 1,000 won.
Falling consumption of rice nationwide – 56.4kg per person in 2023, a record low – also reflects that fewer people are spending money on kimbap.
The country’s kimbap market is apparently shrinking.
According to Korea’s Fair Trade Commission, Gimbap Heaven, the country’s biggest franchise company, registered 230 million won in sales in 2023 – a rise from the previous year’s 167 million won. But its operating profit fell by a whopping 72.2 per cent to 4.4 million won from 15.8 million won.
Yunsem Gimbap, another franchise, also saw its earnings drop to 75 million won from 117 million during the same period. Other, smaller franchises saw their operating profits fall – one by 47.4 per cent – or continued their money-losing operations for years.
The stiffening kimbap market is leading to a decline in the number of shops. According to government ministry Statistics Korea, they numbered 46,639 in 2022, a 4.6 per cent decrease from the previous year of 48,898.
Gimbap Heaven and Lee Gimbap, another franchise, all saw their store numbers shrink last year from the previous year.
Read the original story at The Korea Times


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