So Jin-se President "Singapore Will Be an Important Milestone for Overseas Market Expansion"
[Asia Economy Reporter Lim Hye-sun] Kyochon Chicken is entering the Singapore market.
Domestic chicken franchise Kyochon F&B announced on the 3rd that it signed a memorandum of understanding (MOU) on the 2nd for a master franchise (MF) contract in Singapore.
This MOU was signed with operators currently running Kyochon Chicken corporations in Malaysia. These operators are verified partners with experience and know-how in successfully establishing the Kyochon brand in Malaysia.
In particular, the prospective partners plan to actively utilize the central kitchen (CK) operating in the southern region of Malaysia as a logistics hub. Located adjacent to Singapore, this CK enables land delivery within 24 hours, through which raw meat processing and packing of subsidiary materials will be conducted.
According to "Growth and Future of Singapore's Online Food Delivery Service Market," released by KOTRA in January last year, Singapore is a country with a developed dining-out industry, with about 55% of the population dining out weekly. Additionally, 44% have experience using food delivery services, far exceeding the global average of 33%. Delivery platforms such as GrabFood and Foodpanda are also driving the continuous growth of the food delivery service market within Singapore.
Kyochon plans to target local customers' tastes with differentiated product strength in signature menus such as soy sauce, honey, and red flavors.
The MOU signing ceremony was conducted online in a non-face-to-face manner considering the social situation. After the MOU, additional detailed conditions and consultations will be made to sign the master franchise agreement (MFA).
Sojinse, Chairman of Kyochon F&B, stated, "Singapore serves as a hub of Asia and will be an important milestone for expanding overseas markets. Since the partner has already been verified in the Malaysian business, we will sign the main contract as soon as possible and do our best to target the Singapore market."
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