Sulbing reaches 617 outlets as Waffle University falls to 315: mixed fortunes for dessert franchises

Outlet numbers are moving in different directions across South Korea’s dessert franchise sector. Sulbing expanded for two consecutive years through 2025, while Waffle University contracted over the same period. The 2024 figures for Dalkom Wangga Tanghulu and Yoajung also show sharp contraction alongside rapid expansion. However, the available data cover different reporting years, so these figures should not be treated as a snapshot of performance at a single point in time.

Sulbing grows for two consecutive years, reaching 617 outlets at the end of 2025

According to a report published by EBN on 2 November, citing franchise disclosure documents filed with South Korea’s Fair Trade Commission, Sulbing had 617 outlets at the end of 2025. These comprised 608 franchised outlets and nine company-owned stores. The total was up 6.4% from 580 at the end of 2024.

Sulbing had 564 outlets at the end of 2023. That rose to 580 in 2024 and 617 in 2025, marking two consecutive years of growth. These figures show not simply a concentration of openings in one particular year, but continued expansion of the network as measured at each year-end.

Total outlet numbers must, however, be distinguished from new openings. A year-end total shows how many outlets were operating at that point. An increase from the previous year does not mean that the entire net gain represents that year’s new openings. New openings and changes in franchise contracts need to be examined separately.

Nor should a total that includes both franchised and company-owned stores be presented as the number of franchised outlets alone. Of Sulbing’s 617 outlets, 608 were franchised. Prospective franchisees comparing the scale of brands’ franchise operations should first ensure that the figures cover the same categories.

Network expansion does not necessarily mean higher profits for individual outlets, either. The reported Sulbing outlet figures alone cannot establish changes in franchisee sales or operating profits. Expansion trends are a starting point for assessing a brand, not a sufficient basis for an investment decision.

Waffle University records more contract exits than new openings

Waffle University moved in the opposite direction to Sulbing. Its total outlet count fell from 380 at the end of 2023 to 340 at the end of 2024, then to 315 at the end of 2025. That represents a decline of 17.1% over two years and 7.4% in 2025 alone.

The breakdown of network changes also reveals a contrast. Waffle University opened 15 new outlets in 2025, while recording 34 contract terminations and six contract expiries. Alongside the decline in total outlets, the figures show that terminations and expiries outnumbered new openings.

In 2024, there were 19 new openings but 57 contract terminations. Compared with 48 new openings and 43 terminations in 2023, the pace of expansion subsequently slowed. New openings in 2025 were roughly one-third of the 2023 level.

To understand this trend, it is more useful to examine openings and contract changes separately than to focus solely on the percentage decline in outlets. Looking at new openings, terminations and expiries together helps explain the components of the network’s changing size.

However, termination and expiry counts alone cannot explain individual franchisees’ circumstances. These figures do not reveal why each contract ended or whether a particular outlet was profitable. Rather than treating them all as failures with the same cause, prospective franchisees should use them to guide further questions during discussions with the franchisor.

Tanghulu and Yoajung follow contrasting paths in 2024

Dalkom Wangga Tanghulu, a chain specialising in sugar-coated fruit skewers, experienced a more dramatic shift. It had 43 outlets at the end of 2022, but opened 497 new outlets during 2023, taking its year-end total to 531. Its overall network grew more than twelvefold in a single year.

In 2024, however, it recorded no new openings and 381 contract terminations. Its total outlet count fell to 151 by the end of that year, down 71.6% from the end of 2023. This was a case of rapid expansion followed immediately by substantial network contraction.

Frozen yoghurt brand Yoajung followed a different trajectory. Identified in the report as ‘Yoajung (Café Yoajung)’, the brand opened 358 outlets during 2024, bringing its year-end total to 374. Compared with ten new openings in 2023, the number of openings increased more than thirtyfold.

These two brands show how differently dessert franchise networks developed within the same year. However, it would be wrong to assume that Dalkom Wangga Tanghulu’s losses transferred directly into Yoajung’s gains. Outlet statistics do not directly track the movement of consumers or franchisees between brands.

In particular, year-end 2025 figures for these two brands had not been disclosed at the time of the report. Their reporting year must therefore be clearly labelled when placing them alongside Sulbing’s and Waffle University’s 2025 data. These figures alone do not establish whether Yoajung’s 2024 opening pace continued or whether the contraction in tanghulu outlets persisted.

Assessing a franchise: establish a sound basis for comparison first

The practical lesson for those considering a franchise is to examine both network size and the pace of change without mixing different measures. Total outlets, franchised outlets, new openings, contract terminations and contract expiries each answer different questions.

The first step is to align the reporting years. Next, check whether company-owned stores are included, and distinguish year-end outlet totals from new openings during the year. Where several years of data are available, look at the wider trend rather than focusing only on a sharp rise or fall in a single year.

The same distinctions can guide discussions with franchisors. For a growing brand, ask separately about the operating performance of existing franchised outlets. For a shrinking brand, investigate the reasons behind new openings and contract changes. This is a way to explore what the figures cannot explain, rather than to decide in advance that one brand is better than another.

Practical takeaway: Start by aligning the reporting years and scope of the figures in each brand’s franchise disclosure document, then compare new openings, contract terminations and contract expiries together. Do not infer profitability from network expansion or contraction alone. When assessing an actual investment, examine franchisee sales and the relevant costs separately.