Smoothie King Singapore stores close
Apr 1, 2016
All seven stores of Smoothie King Singapore have closed over the past month.
Smoothie King Singapore is wholly owned by Smoothie King Korea, with a spokesperson saying the parent company has decided withdraw from owning or running stores outside the US. It has stores in the Cayman Islands and South Korea run under franchise.
Smoothie King Korea CEO Kim Sung-wan took over the parent company in the US nine years after the brand was introduced to Korea in 2003.
Smoothie King had been on a rapid expansion path in Singapore after opening its first store in December 2012, and had spoken of planning to launch at least 30 shops in three years.
The spokesperson says Smoothie King vigorously continues to seek partners in the Asean region, and will be exploring opportunities to franchise in Singapore.
Meanwhile, a flagship store was opened in South Korea early this month, the Smoothie King Mart Shinjeju in Jeju E-Mart. While covering only 13.6 sqm, the store includes a bakery.
Jeju E-Mart is a subsidiary of department store giant Shinsegae, which plans to expand the beverage brand, incorporating Smoothie King Shinsegae Food in January, and acquiring the business rights for Smoothie King in Vietnam as well as the domestic business.
Smoothie King launched in 1973 as a stand-alone vitamin shop in Louisiana, and now has more than 600 locations in the US.
Source: Inside Retail Asia