OURHOME reported on the 23rd that its food service business revenue in the first half of this year has increased by 22% compared to the same period last year. During the same period, total revenue from concessions also rose by 28%. Concessions refer to the business model where food and beverage (F&B) spaces in multi-use facilities such as airports, hospitals, and rest areas are managed and operated by specialized food companies.
OURHOME is strategically operating stores at key locations such as airports, large hospitals, and shopping malls to strengthen the concession sector, which is a core aspect of its food service business. In particular, it is focusing on expanding differentiated food service brands centered around K food at Incheon International Airport.
According to OURHOME, airport concession revenue increased by 14% among the total concession revenue. Airport concessions account for about half of OURHOME's food service revenue. During the same period, other sectors, including hospitals and shopping malls, also grew by 10%.
At the end of 2023, OURHOME secured business rights to operate the FB3 area from Incheon International Airport Corporation and is undergoing the opening and remodeling of new stores. Following last year, it has also opened various concession stores in the first half of this year, including ▲Tasty OURHOME Ground ▲Korean Food Sodalok ▲Sonsuheon ▲Food Empire. Currently, it operates more than 30 food and beverage stores within Incheon International Airport's Terminal 1 and Terminal 2 (T1 and T2).
In particular, revenue from the newly won FB3 area in the first half of this year has increased by about 110% compared to the same period last year. The analysis from OURHOME states that the combination of the authenticity of Korean cuisine and global gourmet trends in the menu and space design has been effective for customers of various nationalities using the airport.
OURHOME plans to continuously expand its complex food service spaces at Incheon International Airport. As the number of foreign tourists visiting Korea has recently increased, it plans to open about 10 more food service stores, including K food, Asian cuisine, and halal cuisine, along with dessert shops within the year.
An official from OURHOME stated, "The airport concession business is a key driver of OURHOME's food service growth and an important touchpoint for conveying the unique taste and values of Korean cuisine to global customers," adding, "We will continue to operate food service brands that captivate domestic and international customers' palates and innovate customer-centered services."