Buffet chains that once fell out of favor in dining trends are entering a second heyday amid prolonged high inflation, touting "value for money." Leading the charge are Ashley Queens and Nature Beolgok from E-Land Eats, the value-for-money buffet standard-bearers; Lotte GRS has introduced the Korean buffet Bokjugeok, and OURHOME plans to launch a new buffet-style dining brand in April.
On the 3rd, according to industry sources, Nature Beolgok, a Korean buffet run by E-Land Eats, recently began a pricing experiment. E-Land Eats last month opened a test location in Yatap-dong, Bundang-gu, Seongnam, where adults can dine at Nature Beolgok on weekdays for 12,900 won. Lunch and dinner prices are the same. Existing Nature Beolgok locations charge 19,900 won for adults on weekdays. Some branches charge 25,900 won for dinner.
According to E-Land Eats, more than 5,000 customers visited in the first week after opening. The Yatap location recorded an average table turnover of 7.7 times in the first week and 9.8 times on the weekend. E-Land Eats said, "We will position Nature Beolgok as a new growth engine for E-Land Eats," adding, "Rather than expanding rapidly in the short term, we will carefully review customer feedback and operating data before deciding whether to roll it out more broadly."
Ashley Queens, a Western-style buffet run by E-Land Eats, has established itself as a core brand, accounting for more than 70% of E-Land Eats' total revenue. Revenue rose from 230 billion won in 2023 to 400 billion won in 2024, and is estimated to have exceeded 500 billion won last year. Although E-Land Eats began procedures in Aug. 2024 to sell nine F&B brands, Ashley Queens, Nature Beolgok and Pizza Mall were excluded from the sale. What they share is that they are all value-for-money buffet dining brands.
The store count is also recovering. Ashley Queens locations fell from about 100 in 2019 to 59 in 2022, but rebounded to 77 in 2023 and 109 in 2024. The weekday lunch price for adults is 19,900 won, and the menu includes about 200 items, including sushi, seafood and a live grill. The strategy credited for growth is a structure that shortens distribution steps and lowers costs through E-Land Farm & Food, the ingredients distribution subsidiary.
Large corporate dining affiliates are also joining in. Lotte GRS opened the Korean buffet Bokjugeok at Lotte Department Store in Busan in Aug. 2024. The adult price is 15,900 won on weekdays and 16,900 won on weekends. Lunch and dinner prices are the same.
OURHOME also plans to unveil a new buffet-style dining brand in April. It will be the first dining brand introduced since joining Hanwha Hotels & Resorts.
In the past, premium restaurants and omakase-style high-end dining drew attention, but after the endemic, a slowing economy and weaker consumer sentiment have quickly reshaped dining trends. As prices for à la carte dishes keep rising, buffets offering a range of foods at a set price are emerging as the go-to option for practical dining. The higher the burden of à la carte prices, the more relatively reasonable buffets become, since diners can enjoy multiple dishes at once.
In fact, perceived price increases are driving consumers toward buffets. According to the Korean Statistical Information Service (KOSIS), last year's living cost index rose 2.4% from a year earlier, 0.3 percentage points higher than the consumer price index growth rate (2.1%) over the same period.
From an operator's perspective, buffets are also advantageous in responding to a high inflation environment in terms of operating structure. Menus can be adjusted flexibly, and if the price of a particular material spikes, it can be substituted with another item. Also, because customers serve themselves, far fewer servers are needed than at regular restaurants. And instead of cooking each order one by one, food is prepared in large batches and put out, which boosts kitchen staff productivity.
An industry official said, "In a high inflation phase, consumers care less about 'how much they spend' and more about 'how many experiences they can get for the same money,'" adding, "Buffets have preset prices, eliminating uncertainty about expenditure, and they let diners enjoy a variety of dishes at once, making them a dining model with a high perceived satisfaction."