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15 convenience stores open daily in S. Korea: lawmaker

All News 12:02 October 11, 2016

SEOUL, Oct. 11 (Yonhap) -- 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."

15 convenience stores open daily in S. Korea: lawmaker - 1


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