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2. Size Of Korean Market

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2. Size Of Korean Market

  1. 1. Korean Coffee Market 2 The Size of the Korean Coffee Market Examined through Data After Starbucks opened its first shop in Korea in 1999, the Korean coffee shop market steadily grew annually reaching about 9,400 shops at the end of 2010. This is a six fold increase from 1,500 at the end of 2006 which in itself confirms the growth of the market. Monthly Coffee has analyzed here the coffee shop market trends by major cities based on materials provided in the report on “Coffee Shop Market Trends by Regions Nationwide and Districts in Seoul” presented by KB Research and sales data of KB card affiliates. 06 www.coffeero.com006,008-점포.indd 1 12. 04. 10 오후 8:34
  2. 2. Size of coffee shops nationwide (as of 2010) Seoul Busan Incheon Daegu Daejeon Gwangju Ulsan Jeju M arket size(KRW 100 million) 4,763 350 241 275 202 156 42 45 A verage sales per shop (KRW 1 million) 164 97 116 55 84 61 45 45 Approximate number of shops 2900 360 207 500 240 255 93 100 Overall trends of the Korean coffee shop the number of shops is rapidly increasing should be market carefully considered. That is, for those planning to First of all, the Korean coffee market is clearly start a business should consider the different growth rapidly growing. But there are differences in the rates, degree of competition, and demand base of growth rate and degree of competition between each region in order to expect greater revenue in the regions that those preparing to start a coffee shop steadily growing Korean coffee shop market. In this business should take precaution. For example, it regard, the results below of our research center are would be easier to start a business in cities with a expected to be very useful. relatively slow sales growth rate, but a high average sales per shop. In addition, while starting a business Changing trends of the coffee shop market in regions where sales are growing faster than the compared to other businesses increasing number of shops is favorable, starting a Cosmetics shops, for example, rapidly grew and business in regions where the average sales growth held many road shops through star marketing of rate is lower than the market average and where cosmetics brands. Many shops opened based on • 2012 07006,008-점포.indd 2 12. 04. 10 오후 8:35
  3. 3. the ease of business startup and advantages of brand Growth rate of coffee shops nationwide 2009/06 2009/12 2010/06 2010/12 2011/06 advertisement heating up competition between shops. Total sales 82.9% 70.7% 68.3% 82.1% 100.7% Then, as the industry expanded its distribution channel Average sales 29.2% 15.6% 10.7% 15.3% 24.7% to visit sales and online sales, many shops had to close N umber of shops 41.5% 47.6% 52.0% 58.0% 61.0% down and the industry’s size stagnated. Growth rate of coffee shops in Seoul Similar to the cosmetics industry, some coffee franchise 2009/06 2009/12 2010/06 2010/12 2011/06 companies are known to maintain their sales growth by Total sales 74.8% 65.7% 59.6% 66.4% 80.4% opening new shops. Although the coffee shop market is Average sales 28.2% 16.9% 9.7% 10.3% 21.2% N umber of shops 36.3% 41.7% 45.5% 50.9% 48.9% clearly largely growing, the rise in business startup by headquarters is not a good growth model because the growth in the number of shops established by headquarters does not half of all in Korea. But in view of excessive competition in Seoul, more shops are being guarantee revenue for the shops. established in non-Seoul metropolitan cities and the annual growth rate of the number of Exacerbating regional competition between shops in Seoul is not high. As such, although the individual cafes degree of competition in Seoul is not increasing, An individual starting a coffee shop in a city entails the average growth rate of sales in Seoul is not much risk from the start. Not only does the shop lack brand largely increasing. The market size of Seoul was power, but the cost of investment is very high that it may be about KRW 476.3 billion with estimated sales shoved to the outskirts from competition with large brands. of KRW 164 million per shop in 2010. However, That is why most individuals wishing to start a coffee shop because the increasing rate of shops is lower are concentrated in city outskirts. However, while demand than the national average, profitability in the in the outskirts is low, the rapid rise in the number of future will largely be determined by the rise in coffee shops there is exacerbating competition. As a result, average sales. there is no reason for large franchises to leave cities where (Reference: Data is based on an analysis of profitability has been verified. Large coffee chains planning sales materials of shops using KB bank cards on increasing their number of shops in the future through of all coffee shops nationwide and the share of aggressive marketing are most likely to focus again on the KB cards of the entire card market. In addition, cities. cash sales were calculated by surveying heads of shops and estimated based on the average ratio Sales of coffee shops in Seoul accounted for over of cash use to card use.) 08 www.coffeero.com006,008-점포.indd 3 12. 04. 10 오후 8:35

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