Mix and match grocerant niche meal components continue to drive incremental top line sales and bottom line profits for retail around the world according to Grocerant Guru® Steven Johnson of Tacoma, WA based Foodservice Solutions®.
In South Korea sales of boxed lunches, desserts and coffee at local convenience stores have increased as more South Koreans seek cost effective meals and snacks in the face of rising consumer prices. BGF Retail Co., the operator of South Korea's largest convenience store chain, CU, said revenue from boxed lunches sold at its outlets surpassed that of instant cup noodles for the first time last year.
Consider this growth just three years ago, sales of lunch boxes at CU were less than half of those for instant cup noodles. Now sales of lunch boxes in the January-April period advanced 19.5 percent on-year, while sales of instant cup noodles rose a solid 13.3 percent during the cited period, BGF Retail said.
Sales of desserts also jumped at 7-Eleven in the first four months of this year, nearly doubling from the same period a year ago, its operator, Korea Seven Co., stated. Grocerant niche sales figures in South Korea have been on a constant rise, growing 102.2 percent in 2016 and 135.4 percent in 2017, Korea Seven said.
If you are still skeptical of the power of the Grocerant niche consider this GS Retail Co., operator of another major convenience store chain, GS25, said sales of brewed coffee at its outlets skyrocketed 268.9 percent on-year in 2017. Its brewed coffee is priced between 1,200 won (US$1.11) and 2,200 won, less than half the average price at local coffee chains.
That grocerant growth comes as South Korea's consumer price index climbed only 1.6 percent in April from a year earlier, accelerating from the previous month's 1.3 percent on-year gain, according to government data. It was the largest increase since October, when the comparable figure was 1.8 percent. So if you are looking for incremental growth it just may be time to consider asking Foodservice Solutions® Grocerant Guru® for some insights.
For international corporate presentations, educational forums, or keynotes contact: Steve@FoodserviceSolutions.us the Grocerant Guru® at Tacoma, WA based Foodservice Solutions®. His extensive experience as a multi-unit restaurant operator, consultant, brand / product positioning expert and public speaking will leave success clues for all. Visit: www.FoodserviceSolutions.us for more information