Major shabu and sukiyaki restaurant chains in Thailand have entered a fierce price war as they scramble to attract cost-conscious consumers amid a slow-moving economy. The trend, marked by steep discounts and extended opening hours, reflects broader challenges facing the country’s food and beverage sector.
The latest move comes from Koomkoom Co Ltd, a subsidiary of MK Restaurant Group, which is launching a new budget sukiyaki brand called Bonus Suki. The first branch opens this week in Saraburi province, offering a buffet at 219 baht per person, excluding VAT—significantly below MK’s usual average of 600–700 baht per customer.
According to Thaniwan Kulmongkol, president of the Thai Restaurant Association, the price-driven competition signals growing economic pressure on both consumers and businesses. “If the Thai economy was in better condition, we wouldn’t see this kind of price war,” she said.
MK Restaurant Group reported 15 billion baht in revenue and over 1.4 billion baht in profit in 2024. Meanwhile, rival BNN Restaurant Group posted 7.07 billion baht in revenue and a profit of 1.16 billion baht, according to data from the Department of Business Development.
One of MK’s key competitors is Suki Teenoi, a chain that has expanded rapidly by targeting younger consumers with nearly round-the-clock service—from 11 a.m. to 5 a.m.—and affordable pricing. Its average spending per head is about 300 baht, considerably lower than MK’s flagship brand.
To counter MK’s new offering, Suki Teenoi has rolled out a campaign at ten branches offering a 50% discount for diners between midnight and 5 a.m., reducing the price to roughly 120 baht per person. While these late-night promotions may not yield high profits, they help boost brand visibility at minimal marketing cost, said Thaniwan.
The intense competition, however, is squeezing small and medium-sized restaurant operators. Without the scale to cut supply costs or run deep promotions, they risk being edged out of the market. Thaniwan suggests that these businesses focus on highlighting the uniqueness of their dishes and the narratives behind them to attract customers seeking a distinct dining experience.
