A cashier works at a convenience store in Seoul, in this file photo taken Jan. 15, 2023. (Yonhap)
SEOUL, March 8 (Korea Bizwire) — The number of convenience stores in Seoul had marked a fourfold increase over the past 15 years, data showed Tuesday.
According to the Seoul Metropolitan Government, the number of convenience stores located in the city reached 8,493 in 2021, up about 400 percent compared to 2,139 in 2006.
The number of stores per square kilometer also rose from 3.5 in 2006 to 14 in 2021.
The average cost to open a convenience store stood at 76 million won (US$57,760), up about 10 percent compared to 2018. The average annual revenue per store stood at 448.3 million won.
An analysis of credit card usage data showed that during the 2019 to 2021 period, Friday from 6 p.m. to 10 p.m. was the most lucrative time of day for convenience stores.
The share of women owning stores rose to 49.4 percent in late 2021 from 47.9 percent in 2016. By age, those in their 50s accounted for the largest share of owners at 33.5 percent.
Compared to five years ago, the share of those in their 30s and 40s declined but the share of owners over 60 rose from 10 percent to 16 percent. The share of owners under 30 also rose from 4.7 percent to 6.1 percent.
J. S. Shin (js_shin@koreabizwire.com)
