SEOUL, Oct. 11 (Korea Bizwire) – Around 15 convenience stores were newly opened in South Korea everyday on average last year, a ruling lawmaker said Tuesday, urging the fair trade watchdog to seek measures to avoid excessive competition in the market.
According to the data compiled by Rep. Yoo Ui-dong of the Saenuri Party, 5,508 convenience stores were newly established in 2015 alone, casting concerns over a potential oversupply of such shops in the domestic market.
Yoo said while the numbers may seem to reflect the boom in the industry, such a sharp gain may have an adverse impact on the livelihoods of the shop owners.
“Currently, we do not have a law that can regulate the opening of a new convenience store right next to another,” Yoo said. “The Fair Trade Commission needs to come up with measures to limit the number of new shops.”