Kyochon Chicken Increases Prices by up to 3,000 Won, Consumers Face Higher Costs for Popular Dish
South Korea – In response to the sharp increase in food prices and operating costs, the price of fried chicken in South Korea is also skyrocketing. Gyochon F&B, the company operating the popular Kyochon Chicken chain, announced on Thursday that it will raise its recommended prices for consumers starting from the 3rd of next month. This move is expected to further burden the spending of ordinary people.
Major whole and partial meat menus will see a price increase of 3,000 won, while other menu items will see an increase ranging from 500 won to 2,500 won, depending on the size and existing price range. However, some new products, such as ‘Black Secret,’ will maintain their current pricing.
As a result, the price of “Gyochon Original” will change from 16,000 won to 19,000 won, “Honey Combo” will increase from 20,000 won to 23,000 won, and “Red Original” will go from 17,000 won to 20,000 won. Considering the delivery fee (3,000 to 5,000 won), consumers will have to pay close to 30,000 won for one chicken. The price of “Black Secret,” a menu item introduced last year, will remain the same.
A Gyochon official explained the decision, stating, “We decided to adjust the price because the profit structure of our franchisees has deteriorated over the years.” Rising operating costs, such as rent, labor costs, and various fees, combined with the recent increase in raw material prices, made the price hike inevitable.
Despite the government’s request for food and restaurant companies to refrain from raising prices due to the burden on the economy during times of high prices, price adjustments have continued as a result of rising material costs.
There is speculation that other chicken franchises may also raise prices following Gyochon’s hike, but none of the major players have announced such plans so far. BHC Chicken stated that it hasn’t discussed raising prices, and BBQ is reportedly not considering it either.
Meanwhile, burger franchises in South Korea have been raising prices en masse this year. Burger King increased prices on select products by an average of 2% starting on March 10, and Mamma Stitch raised prices on its burgers by an average of 5.7% this month.