Vincent Lua, the visionary behind MyeongDong Topokki, exemplifies the essence of resilience and adaptability in entrepreneurship. After graduating from Curtin University Sarawak with a degree in finance and management in 2008, Lua faced the harsh reality of the second Asian financial crisis, which thwarted his plans to work in Singapore. Instead, he secured a position at a bank in Miri, becoming the youngest relationship manager there.
However, after three years, Lua left the banking sector to explore various property investment projects. He purchased a corner shop lot and opened a fitness centre, which eventually expanded into a small chain across Sarawak. Despite his ambitious plans to extend this fitness chain to Kuala Lumpur, the venture did not take off as expected, prompting Lua to continue his search for a viable business opportunity.
Lua turned his focus to the food and beverage (F&B) industry, recognizing its untapped potential. “When you think of coffee, what comes to mind is the Starbucks brand, and for burgers, it is McDonald’s. But for Korean street food, there is no dominant player,” Lua reflects. This insight marked the beginning of his MyeongDong Topokki journey, driven by his determination to introduce authentic Korean street food to Malaysia.
Building MyeongDong Topokki
Vincent Lua vividly recalls his visit to Myeongdong Street in Seoul a few years ago. “I was amazed by its colourful and attractive display of street food. I was very excited to try the street food here from stall to stall and they tasted awesome!” he reminisced. Upon his return to Malaysia, Lua craved the authentic Korean street food experience but found the local offerings lacking. This realisation motivated him to bring Myeongdong’s culinary delights to Malaysians.
Lua flew back to South Korea to find a five-star chef and delve deeper into Myeongdong’s street food scene. His goal was to create a fast-casual Korean restaurant catering to millennials, whose spending habits and lifestyles differ from those of baby boomers and Gen X. “Generally, Korean food is divided into two market segments: barbeque stuff and fried chicken. With no strong players for Korean street food in Malaysia, that is where our forte lies,” he said, adding that quality ingredients are a cornerstone of MyeongDong Topokki’s recipes.
Equipped with authentic recipes and high-quality ingredients, Lua returned to Malaysia to launch MyeongDong Topokki with the tagline, Eat Once, Crave More. The success of the first two outlets in Sunway Pyramid and 1 Utama Shopping Centre, opened in 2014 and 2015 respectively, spurred further growth. By 2016, Lua had opened three more outlets, paving the way for franchising the brand.
Innovation Is Key to Sustainability
“In order to stay sustainable, restaurants have to grow and innovate. Innovation is our company’s core value and the key to our survival and success,” says Lua. To keep the menu fresh and relevant, they constantly monitor global trends and phase out outdated items, ensuring they meet evolving customer preferences.
Initially, MyeongDong Topokki offered only a few menu choices, which was a problem since Malaysians do not typically consume street food daily. Lua addressed this by diversifying the menu to include dishes tailored to local tastes, such as Deopbap (rice with toppings), Jjigae (Korean stew), and Ramyun (noodles). “KFC sells more than just fried chicken, and Burger King sells more than just burgers,” he says, emphasising the breadth of their offerings.
From a small kiosk in Sunway Pyramid, MyeongDong Topokki has grown to more than 50 outlets nationwide. To appeal to their primarily millennial customer base, they design their outlets with insta-worthy features like bright neon lights, lively décor, and open kitchens. Lua notes, “Millennials prefer things to be fast and instant, so our fast-casual concept caters perfectly to that audience.”
Lua understands the importance of catering to local tastes, which led to the creation of the Pedasss Chick-Yun Challenge, an annual event at Paradigm Mall that highlights Malaysians’ love for spicy food. Additionally, the restaurant’s dishes are garnished to appeal visually and maintain high quality, such as using rice instead of flour for their topokki.
Expanding Horizons
MyeongDong Topokki is also considering a listing on Bursa Malaysia Securities Bhd by 2026. This potential listing aims to broaden the restaurant chain’s investor base and offer the public a stake in its success. “We hope to materialise this initiative within three to five years. That is the trajectory we are aiming for – to become a public company accessible to every individual interested in our brand, rather than remaining confined within the private sector,” Lua said in an interview.
Lua emphasises that success in today’s rapidly changing world hinges on a company’s ability to innovate and adapt. “Perhaps many will realise now that merely doing market research won’t give one all the answers. Instead, it’s definitely better to always be receptive to what the market wants and also remember that customers are always open to trying out new and exciting things,” he says.
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