SEOUL, Nov. 7 (Korea Bizwire) — The number of coffee shops in South Korea continues to grow. More than 71,000 coffee shops are now operating nationwide, with 14,000 opening last year alone.
According to a report by KB Financial Group Management Research Institute, the increase in the number of coffee shops is because the number of new shops opening has dramatically outpaced the number of shop closures.
In 2009, 27,000 new shops were opened and 4,000 closed. On the other hand, 14,000 opened in 2018 and 9,000 closed their businesses.
Meanwhile, 11 percent of local coffee shops were found to be operating in the red. This rate is higher than the 4.8 percent of restaurants that are also unprofitable.
Image Credit: Yonhap / CJ Foodville / Starbucks Coffee Korea Co. / email@example.com