Over 10 Million Visitors in the First Half of the Year
Minimal Price Increases
Number of Stores Doubles in Three Years
With the sharp rise in food and dining prices, more consumers are seeking "value for money," fueling the rapid growth of Eland Eats, led by Ashley Queens. The number of stores, which had stagnated during the COVID-19 pandemic, has nearly doubled, leading to assessments that the brand is successfully reestablishing itself in the market.
According to Eland Eats on July 9, sales at Ashley Queens in the first half of this year reached 220 billion won, a 30% increase compared to 170 billion won in the first half of last year. During the same period, the cumulative number of visitors surpassed 10 million. The recently opened "Gueui Eastpole" location exceeded 20,000 cumulative visitors within just three weeks of opening at the end of May.
Industry insiders attribute this success to a strategy that has minimized price increases. The prices at Ashley Queens (for adults) are 19,900 won for weekday lunch, 25,900 won for weekday dinner, and 27,900 won on weekends and holidays. Since a 2,000-won increase in November 2022, prices have been frozen for two years.
In the past, buffet prices in the 20,000 to 30,000 won range per adult were not considered good value. However, as dining-out prices have soared for several years, these buffets have recently gained renewed attention. The fact that different prices are set for adults and children, allowing a family of four to enjoy a full meal including dessert for around 100,000 won, has become a key advantage.
It is also gaining attention as a place for family dining. As more restaurants and cafes introduce no-kids zones, the options for customers with young children have decreased, leading to a renewed spotlight on the strengths of family restaurants.
An industry representative stated, "Family restaurants are regaining popularity not only as venues for company gatherings but also as comfortable dining spots for families with children. Among them, buffet-style restaurants that offer a wide variety of dishes at reasonable prices are seeing a resurgence in popularity."
The number of Ashley Queens locations continues to grow. There are currently 115 Ashley Queens stores. Since 2021, Eland Eats has consolidated its segmented brands, such as Ashley W and Ashley Classic, under the single "Ashley Queens" brand, efficiently adjusted the number of stores, and embarked on aggressive expansion. Ashley once peaked at 155 stores in 2014, but the number plummeted to 59 by 2022 due to the COVID-19 pandemic.
Eland Eats has also shortened the interval between new menu launches to attract customers. This year alone, Ashley Queens has introduced four new themed seasons: Strawberry in February, Chicken in April, Cheese in May, and Cheese Season 2 in June. Including the addition of slow-aging menu items to the salad bar at the end of April, regardless of the seasonal theme, there have been five menu updates by June. An Eland Eats representative explained, "Compared to last year, when Ashley Queens had only two updates (Strawberry Season in February and World Food Festa in April), this is more than double."
Eland Eats is accelerating its strategy to expand the Ashley brand universe through various distribution channels. A representative example is "Deli by Ashley," a ready-to-eat (deli) specialty store launched in March last year by Eland Group's retail affiliate Eland Kim's Club. With the concept of a "buffet inside a supermarket," the brand sells Ashley Queens menu items as home meal replacements (HMR), achieving cumulative sales of 6 million units in just one year and two months.
In addition to Ashley, all of Eland Eats' dining brands are experiencing renewed growth. "Pizza Mall," which has maintained its 9,990 won pizza price for 31 years since its launch in 1994, increased its number of stores from 17 in 2022 to 26 recently. In the first half of this year alone, five new Pizza Mall specialty stores opened. The unlimited shabu-shabu brand "Roun Shabushabu" also grew its sales from 15 billion won in 2022 to 25 billion won last year.
Buoyed by the resurgence of Ashley Queens, Eland Eats, the buffet operator, is also seeing record-high performance. Last year, the company recorded sales of 470.6 billion won and operating profit of 31.9 billion won, increases of 32.4% and 79.8%, respectively, compared to the previous year. The company is aiming for 700 billion won in sales this year.
An Eland Eats representative said, "Upgraded product planning and marketing strategies are cited as key factors in Ashley Queens' success," adding, "The value of being able to enjoy around 200 salad bar menu items at once, along with the ability for customers to experience something new and enjoy gourmet delights on every visit, are considered the main reasons for the brand's sustained explosive popularity."
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