Spoonful (Thailand) Co, the operator of Bonchon Korean-style fried chicken, under the management of The Minor Food Group Plc, plans to spend 200 million baht to expand Bonchon's business this year.
Of the total budget, 100 million baht would be spent on opening 10-15 new Bonchon restaurants, while the other 100 million baht would be spent on marketing activities, according to Tanakritt Kittipanachol, general manager of Spoonful (Thailand).
The company will start opening new Bonchon restaurants in March this year, with an equal share of the planned new branches to be located in Bangkok and upcountry areas.
"Bonchon business has had strong growth throughout the past four years since it has been under Minor Group Food. We believe Bonchon still has room to grow and will reach 150-200 branches under the long-term plan,'' said Thunyachate Ekvetchavit, chief operating officer at The Minor Food Group.
This has been part of a popular wave of Korean food and pop bands, particularly during the Covid-19 pandemic when most people worked from home, he said.
According to Mr Thunyachate, Bonchon's business has almost fully recovered since the end of last year.
In 2023, Spoonful prepared key marketing strategies to continue to grow its sales by double-digit rates this year.
It will also create new dishes to increase alternatives. The company recently introduced "Bonchon Korean Fried Chicken XS", providing a smaller portion of food in order to reach more customers.
In addition, the company has hired Vachirawit "Bright" Chivaree as its first brand ambassador to expand its customer base, especially among teenagers and Gen Z consumers, both Thai and foreign.
As part of efforts to strengthen its food business, the company will also focus on improving the delivery system and services on delivery platforms to make them more efficient, convenient and faster.
It has adjusted the mood and tone at some Bonchon restaurants to be more attractive and will also launch a new Bonchon restaurant concept store to respond to consumer lifestyles with dine-in, take-home and delivery services.
Currently, 50% of Bonchon revenue is from casual dining restaurants, with the remaining 40% and 10% being generated by delivery and takeaway channels, respectively.
The fried chicken market in Thailand is estimated to be worth about 20 billion baht per year.
