Smashburger(R) to Target South Korea for 2011 Expansion
Smashburger Partners with Bridging Culture Worldwide to Source Multi Unit Franchise Partner
DENVER -(BUSINESS WIRE)- Smashburger®, a fast-casual "better burger" restaurant concept, has partnered with Bridging Culture Worldwide, a professional consulting, strategic planning and cross-cultural management service, to lead its expansion into South Korea. With Bridging Culture Worldwide's assistance, Smashburger looks to sign its first South Korean multi unit franchise development agreement in 2011.
"As Smashburger looks to expand globally, South Korea is an excellent place to start" .Smashburger's entry into the South Korean market marks the beginning of a larger international expansion plan that includes other fast-growing economies like the Middle East, Canada, and other Asian countries. Smashburger's product and concept has proved very appealing to consumers and successful with experienced franchise operators in the United States. International market expansion is a logical next step in Smashburger's aggressive growth plan.
"We look forward to beginning our international expansion for Smashburger and know South Korea is a great launch pad for our 'better burger' concept in Asia," says Smashburger Chairman and CEO David Prokupek. "We look forward to working with Don Southerton and Bridging Culture Worldwide to connect with multi-unit developers and operators for our expansion into South Korea."
"As Smashburger looks to expand globally, South Korea is an excellent place to start," says Bridging Culture Worldwide CEO Don Southerton. "The South Korean market craves premier American brands like Smashburger and I know this concept will translate well."
Denver-based Smashburger®, the country's fastest growing "better burger" restaurant company, is designed to be every city's favorite place for burgers. It was named a 2009 Hot Concepts! award winner by Nation's Restaurant News. Developed and owned by private equity and concept-development firm Consumer Capital Partners (CCP), Smashburger operates and develops corporate, joint venture and franchise stores across the country. Smashburger will open more than 100 stores by 2010's conclusion and operate more than 200 in 2011. It has sold franchise and joint venture agreements that will bring the total to more than 400 locations over the next five years.
About Consumer Capital Partners
Denver-based Consumer Capital Partners (CCP) is an innovative private investment and concept development firm focused on multi-unit retail businesses, primarily in the restaurant, food, and leisure industries. CCP has deep experience in the fields of private equity, brand, concept and product development.
About Bridging Culture Worldwide
Bridging Culture Worldwide is a professional consulting, strategic planning, and cross-cultural management service. We provide in-depth insights into the dynamics of Korean-based global business. Moreover, we offer programs designed to help employees and management appreciate and understand the unique norms of each countries' business culture. This training can dramatically reduce misunderstandings and stresses created by the differences in language and custom.