Lotteria Co., a well-known fast food restaurant chain operator based in South Korea, has changed the company name to Lotte GRS as part of efforts to emphasize its identity as a total food company that would help accelerate its global advance.
The new name - which stands for Lotte Global Restaurant Service - was announced at a shareholders meeting on Friday, the company said on Monday. The company hopes that the rebranding would help speed up its efforts to meet the goal of becoming one of Asia’s top three franchise companies by 2018.
“Since the opening of the first shop in 1979, Lotteria has grown into one of Korea’s representative fast food companies,” said Lotte GRS. “With the rebranding, we now want to take the company global to become an internationally-recognized restaurant chain business.”
Since its foundation in October 1979, Lotteria has released, with the hamburger chain Lotteria at its center, a wide scope of food franchises, including Angel-in-us Coffee, Krispy Kreme Doughnut, Villa de Charlotte, Natuur Pop and T.G.I. Friday’s. Although Lotteria is now a household name among Koreans, the image of Lotteria as a hamburger chain has been considered too strong for the brand to encompass the other franchises, according to industry sources.
Lotte GRS currently operates 2,500 stores in Korea under seven restaurant brands. It also holds about 290 franchises in seven countries, including Vietnam, China and Indonesia.
By Baek Sang-kyung
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