A Twosome Place Archives - Inside Retail Asia
The number of coffee shops in South Korea continues to grow. More than 71,000 coffee shops are now operating nationwide, with 14,000 opening last year alone. According to a report by KB Financial Group Management Research Institute, the increase in the number of coffee shops is because the number of new shops opening has dramatically outpaced the number of shop closures.
Korean retailers – and consumers – are focusing on value as the effect of the increased minimum wage bites both groups.
Starbucks Korea’s annual operating profit soared past 100 billion won for the first time last year, despite intensifying competition in the domestic cafe sector.
Two South Korean coffee franchises, A Twosome Place and Ediya Coffee, are pushing ahead with IPOs.