Alpha Lab (CEO Bang Soo-jun), a specialized accelerator for Korean restaurant brands, announced on the 21st that it conducted a business trip in Zhengzhou, China from January 10th to 13th to practically verify the possibility of Korean restaurant brands entering the market.
This visit was not simply a market tour, but was intended to confirm the possibility of collaboration with local partners and the feasibility of commercialization. It was planned and operated jointly with GPP (Global Platform Partners).
Zhengzhou, a new first-tier city in China, has fewer Korean food brands than Beijing and Shanghai. However, it boasts a large restaurant market and strong demand and preference for Korean food. With relatively low competition, it's considered a suitable test bed for strategic entry by Korean brands.
During the trip, Alpha Lab met with local commercial developers and partners with long-standing restaurant businesses. They also visited areas with high potential for expansion, such as shopping malls and street markets. They also visited local Korean restaurants to directly gauge consumer awareness and demand.
On-site analysis revealed that the Chinese restaurant market has already reached a mature stage, and the strong preference for Korean culture and cuisine suggests that Korean restaurant brands can secure competitiveness in the local market. Recent changes in the Chinese market environment and Zhengzhou's stable entry conditions were evaluated as factors that mitigate the uncertainty facing the Korean restaurant industry in the post-COVID era.
Building on this trip, Alpha Lab plans to gradually implement programs and projects to support domestic restaurant brands seeking to expand overseas. Starting with China, the company plans to expand business trips and market validation projects to major global cities, including Hong Kong and New York.
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