[Post-Corona, Ready Meals Rise] Hyundai Department Store One Table, Leading Premium HMR Brand

Continuous Releases in Collaboration with Famous Restaurants
Bonguri Tteokgalbi and Gwangjang-dong Narugaon Meat Dumplings
Domestic HMR Market Shows Sharp Growth
5-Year Average Annual Growth Rate of 14.8%

[Asia Economy Reporter Minyoung Cha] Hyundai Department Store's premium home meal replacement (HMR) brand 'One Table' launched a new product, 'Umihak Chadol Kkakdugi Fried Rice,' in April.

One Table Umihak Chadol Kkakdugi Fried Rice is characterized by faithfully recreating the specialty dish of Umihak, a restaurant famous for aged Korean beef. It features a special sauce made with Umihak's aged kkakdugi recipe and a savory flavor from chadol yangji and chadolbagi beef cuts. The beef content reaches 60g per serving (231g). The rice uses Sindongjinmi, known for its large grains and stickiness, and is cooked using a traditional cauldron direct-fire method to differentiate the texture.

Hyundai Department Store continuously releases exclusive One Table products in collaboration with famous restaurants. Representative examples include 'One Table Bonguri Tteokgalbi,' developed with Jang Kyunghoon, CEO of the renowned Korean traditional restaurant 'Bonguri' featured in cartoonist Heo Myungman’s comic 'Sikgaek,' and 'Gwangjangdong Narugaon Meat Dumplings, Kimchi Dumplings, Buckwheat Jeonbyeong, and Acorn Jeonbyeong,' launched in collaboration with the famous Korean restaurant 'Gaon' in Gwangjangdong.

Since its launch in 2017, One Table has sold 600,000 products within a year, establishing itself as a representative premium HMR brand. Among these, premium products using Korean beef, such as 'Hwaseok Hanwoo Sagol Gomtang' and 'Hanwoo Yukgaejang,' sold 3,000 to 5,000 units monthly on average. Notably, sales performance in the trend-sensitive Gangnam area is strong. As of 2019, 46.7% of One Table’s sales occurred at Hyundai Department Store’s Apgujeong Main Store (26.4%) and Trade Center Store (20.3%).

Many loyal customers cannot forget the taste after trying it once. The repurchase rate, where the same customer buys the product again, is about twice as high as other home meal replacements, reaching 62%. Although the selling price is 5-20% higher than other HMR products?such as 17,200 KRW for two servings of beef bulgogi and 10,000 KRW for two servings of Obaltan Yang Fried Rice?this price barrier has been overcome by customer preference.

The HMR market is expected to continue growing. The traditional 3-4 person family is shrinking, while 1-2 person households are increasing due to delayed marriage and the spread of single living culture. There is also a growing culture that values 'convenipremium' (a combination of convenience and premium) to reduce housework and instead enjoy leisure time. According to Euromonitor, a global market research firm, the domestic HMR market grew from about 1.16 trillion KRW in 2014 to about 2.29 trillion KRW in 2019, doubling in five years. The annual growth rate over five years reached 14.8%. It is projected to reach approximately 3.7552 trillion KRW by 2023.

A Hyundai Department Store official said, "Unlike most home meal replacements that compete on price, the success of the One Table brand lies in offering products that satisfy customers by using good raw materials even if the price is somewhat higher."