Didim, K-Food Popularity... "US 'Mapo Galmaegi' Turns to Profit"

[Asia Economy Reporter Yoo Hyun-seok] Didim's U.S. subsidiary, a franchise company operating dining businesses such as Yeonansikdang and Mapo Galmaegi, has achieved a turnaround to profitability in the third quarter as sales surged.

Didim announced that its U.S. subsidiaries located in LA Koreatown and Buena Park, California, returned to profitability in the third quarter. Sales at the LA Koreatown store increased by nearly 150% compared to the same period last year.

Didim's Mapo Galmaegi is well known in the U.S. under the brand name Magal BBQ. Magal BBQ is recognized as a premium barbecue restaurant concept with a strong association to Korean barbecue. The popularity of Netflix's Squid Game and BTS has contributed to the rise of Hallyu food culture.

With growing interest in K-food overseas, Didim is considering expanding its U.S. business and actively entering overseas markets.

In the U.S. market, discussions are underway with major domestic food companies regarding local business expansion. In Indonesia, 21 stores are currently operating, with plans for further expansion. In Laos, an MOU has been signed with a local business partner, and the company is planning to open its first stores in Dubai and Pakistan in the first half of next year, exploring entry into the Middle Eastern market.

Domestic sales have also increased. Following the government's easing of social distancing guidelines, more customers have been visiting Shin Mapo Galmaegi stores in Korea. According to the company, sales increased by more than 30% compared to the previous month. For franchises operating Korean, Japanese, Western, and Chinese restaurants domestically, sales rose by 43% compared to the previous month.