'The legend of Gangnam Station's restaurant scene' Park Jae-woo said he is willing to pass on 30 years of experience and know-how to those dreaming of starting a restaurant.
On the 24th episode of EBS Seo Jang-hoon's Neighboring Millionaire (hereafter "Neighboring Millionaire"), asset 150 billion won, 30-year veteran restaurateur Park Jae-woo appeared and revealed the secrets of his success and his relentless life of challenge.
He launched his business in 1997 with a pasta restaurant, and at his peak he operated 24 stores simultaneously, leading dining trends in the Gangnam Station eating alley. He currently runs seven stores at Gangnam Station while also running a craft beer brewery in Gunpo with his son, pursuing new challenges. The episode revealed the brewery's interior, which has won 373 awards at international competitions, and the entire process of creating the craft beer. In particular, it drew attention by reporting that every time 2 tons of beer are produced, 600–700 kg of residue is donated to local farms to be used as fertilizer. In addition, it surprised viewers by revealing the unexpected past that Park Jae-woo "was the landlord of top star Shim Eun-ha".
During the IMF period when everyone was struggling, Park Jae-woo created a legend of 80 million won in monthly net profit. At that time he quickly grasped trends in Apgujeong and Cheongdam and chose pasta for his menu, accurately analyzed the Gangnam Station commercial area and made a bold move with reasonable prices. He also communicated with customers through concepts such as cashback and instant photo events. The family restaurant he later opened recorded a peak monthly sales of 400 million won, achieving consecutive hits.
His wife recalled, "I was scared to carry bundles of cash, so I disguised them in a black plastic bag." Park Jae-woo, who still develops menus himself, said, "The key is not finding flavors I like, but finding flavors that sell well." He also emphasized the role of employees in business success, saying, "I still pay 20% of monthly net profit as employee incentives." He revealed his decades-long habit of studying trends by subscribing to 19 magazines every month. Seo Jang-hoon marveled, "Would 150 billion have fallen from the sky without such effort?"
Meanwhile, through the broadcast Park Jae-woo also shared honest and firm thoughts on "franchises." He confessed, "Franchisees invest about 200–300 million won, and for many that is their entire fortune. Being responsible for someone's life is a difficult thing." He soberly pointed out the reality, saying to those preparing to start a business, "I want to say don't do it for now. Korea's restaurant industry is a hell for self-employed people." Still, he advised, "If you must do it, study commercial area analysis properly and be sure to gain experience in related businesses." Finally, he sincerely said, "My contact information is at the store, so if you need advice, contact me. I will answer with sincerity." When Seo Jang-hoon and Jang Ye-won expressed concern, asking, "Are you all right though you're busy?", he replied, "I'm fine," giving a touching moment.
Next week features the episode on Kim Jae-gon, 'Why the chicken restaurant chairman is amassing 100 billion.' EBS Seo Jang-hoon's Neighboring Millionaire airs every Wednesday at 9:55 p.m., and after broadcast the show is available on OTTs such as Netflix and Wavve.
[Photo] 'Seo Jang-hoon's Neighboring Millionaire'
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