Buffet restaurants regain popularity amid soaring food prices

The Korea Times

The Korea Times

Business

Sat, September 23, 2023 | 07:29

Companies

Buffet restaurants regain popularity amid soaring food prices

Posted : 2023-05-24 08:37

Updated : 2023-05-24 17:13

People grab food from the buffet at Elandeats' Ashley restaurant in Hwaseong, Gyeonggi Province, October 2022. Courtesy of Eland

By Kim Jae-heun

A 32-year-old office worker surnamed Kim living in Seoul recently visited VIPS, a buffet restaurant chain operated by CJ Foodville, with his friend for the first time in six years.

"I recently went to VIPS because the price for using its salad bar is only a little over 30,000 won ($22.89) per person. It is pretty reasonable considering that you can have limitless food and drink. I plan to visit more often," Kim said.

Another office worker surnamed Cho, who lives in Yongsan District, Seoul, has also been dining out regularly at Ashley, another buffet restaurant chain, because it's not as expensive anymore compared to many other restaurants that have been hiking prices due to inflation.

"Not only do buffet restaurants have a price advantage, but they also have a variety. They even serve alcoholic drinks limitlessly, so I go there with my friends often these days," Cho said.

The popularity of buffet restaurants is surging again thanks to their cost-effective prices and the numerous amounts of people dining out after the country lifted nearly all COVID-19 restrictions.

Buffet restaurants, also known as family restaurants here, are one of the representative industries that had been hit hard by the three-year-long pandemic.

A salad bar at VIPS' Dasan branch in Namyangju, Gyeonggi Province / Courtesy of CJ Foodville

After the government declared the infectious disease an endemic this month, many people have resumed dining out at family restaurants that offer reasonable buffet prices amid the soaring inflation.

Well-known family restaurant chains' buffets are priced between 20,000 won and 50,000 won. They had been considered expensive before, but considering that people spend at least 20,000 won to dine out at a normal barbecue restaurant where they receive a limited amount of food, buffets have become many people's favorite choice.

According to Elandeats, its family restaurant chain Ashley saw average monthly sales of all its branches in the country increase 17.5 percent, year-on-year, to 330 million won as of May. This is well above the 220 million won it earned in 2019.

VIPS has seen its sales per store jump by 50 percent this year compared to 2019. From mid-April to May 14, when many families dined out to celebrate Family Month, sales per store skyrocketed by 70 percent.

"We have upgraded our VIPS stores recently and started to provide unlimited beer and wine, which attracted many consumers who are looking for affordable dining experiences amid soaring food prices. The country's reopening against many COVID-19 restrictions also played a part," a CJ Foodville official said. "We are planning to open 18 new stores in major commercial districts and new towns thanks to consumers' fervent response."

jhkim@koreatimes.co.kr