SEOUL, Sept. 23 (Korea Bizwire) – Sales at South Korea’s traditional markets decreased sharply over the past 10 years, data showed Saturday, apparently as a rising number of consumers opted for modern supermarkets.
According to the data compiled by Ministry of SMEs and Startups, the combined sales at local traditional markets decreased 22.7 percent in 2015 from 2005 at 21.1 trillion won (US$18.5 billion).
There are 1,398 traditional markets in South Korea with 200,000 shops throughout the country.
Industry watchers said the decline apparently came as traditional markets lacked parking or other convenience facilities compared to modernized supermarkets. An increasing number of South Koreans also preferred to shop online, they added.
The markets also failed to keep track of the latest trends among younger consumers, as the average age of merchants at traditional markets was estimated at 55.2 as of 2013, they said.