Saemaeul Sikdang, the restaurant brand of The Born Korea led by CEO Baek Jong-won, is rapidly raising sales in the US. According to the restaurant industry on the 22nd, average monthly sales at the Saemaeul Sikdang location that opened in Carrollton, Texas, in 2023 were up about 70% as of the end of September this year compared with 2023, its first year of operation.
The store's sales also grew 38% last year compared with the first year. Its popularity was also publicized through a video titled "Shocking Update on Saemaeul Sikdang in the US," recently released by the YouTube channel 'Yeongalnam YAN,' which has 1.21 million subscribers.
The store in the video looked little different from an ordinary Korean barbecue restaurant, but customers flocked in until waiting numbers reached the 100s. Customers grilled meat at their tables, enjoying stew, side dishes and soju. A serving of pork belly cost $34.99 (about 46,000 won), more than double the price in Korea, yet the restaurant was packed.
Yeongalnam said, "It's amazing that a K-barbecue place does this well," adding, "It feels like I'm eating in Hongdae." When the waiting line continued even after he finished his meal, he expressed surprise, saying, "There's still a line even though it's night." A The Born Korea official explained that Korean food culture won a response from local consumers.
Results are also coming in other overseas markets. In Thailand, average monthly sales per store at 14 stores reached about 100 million won last year. In Mongolia, the company increased its store count by opening two new stores in the first half of this year.
Overseas expansion is an important task for The Born Korea, whose earnings have deteriorated. The company's consolidated revenue in the first half of this year was 162.8 billion won, down 11.9% from a year earlier, and its operating loss was 9.8 billion won. It has posted losses for five straight quarters, from the second quarter of last year through the second quarter of this year. In the wake of the earnings decline, its share price remains in the 14,000 won range, about 20,000 won below its IPO price of 34,000 won.