lodging Archives | Be Korea-savvy
More Luxury Hotels Setting up in Seoul to Lure Guests

More Luxury Hotels Setting up in Seoul to Lure Guests

SEOUL, Feb. 24 (Korea Bizwire) – Luxury international hotel chains are scrambling to expand their establishments in key districts of Seoul, on the back of increasing demand from local residents opting for overnight relaxation as well as the steady growth of foreigners, industry sources said Friday.  Lotte Hotel Co., an affiliate of retail conglomerate Lotte [...]

Half of New Businesses End up Going Bankrupt Within 2 Years, Statistics Show

Half of New Businesses End up Going Bankrupt Within 2 Years, Statistics Show

SEOUL, Feb. 20 (Korea Bizwire) – Some 800,000 small businesses open shop annually, but about half of them go bankrupt within two years, statistics showed Monday. A report released by Statistics Korea said that among businesses that started in 2013, 62.4 percent were still in operation a year later. The rate fell to 47.5 percent [...]

Budget Accommodations See Rapid Growth on Jeju Island

Budget Accommodations See Rapid Growth on Jeju Island

SEOUL, Nov. 29 (Korea Bizwire) – The latest economic report by the Bank of Korea indicated that budget accommodations have grown increasingly popular this year on Jeju Island, one of the most popular holiday destinations in South Korea.  According to the report, total hotel revenue increased by only 1.8 percent to 58 billion won ($49.5 [...]

Majority of Small Businesses End up Closing within Five Years: Report

Majority of Small Businesses End up Closing within Five Years: Report

SEOUL, Sept. 28 (Korea Bizwire) – Less than one-third of small enterprises survive past five years, the toll heaviest on finance and insurance businesses, a report showed Wednesday.  According to the Small and Medium Business Administration which submitted the report to the parliamentary trade committee, only 29 percent of small-scale enterprises that opened in 2008 [...]