| The number of restaurants in Korea is seven times higher than that of the United States per 1,000 people, showing a higher rate of small business in Korea.
Competition among small businesses is fiercer in Korea, but low specialization and efficiency could shake up the industry, experts warned.
A Bank of Korea report released yesterday said Korea has 12.2 restaurants per 1,000 people, 6.8 times higher than the United States (1.8) and 2.1 times higher than Japan’s (5.7).
In addition, Korea has 12.7 retailers per 1,000 people, 3.9 times higher than the United States (3.2) and 1.4 times higher than Japan (8.9). The number of motels and hotels in Korea per 1,000 people is 0.9, more than the United States (0.2) and Japan (0.5).
Stores that repair appliances, watches and shoes number 1.9 per 1,000 people, double the rates of the United States and Japan of 0.8 each. Hair and barber shops in Korea per 1,000 people (2.2) also outnumbered those in the United States (0.3), but almost equaled Japan’s (2.3).
The report predicted that fiercer competition in the markets for real estate agents, repairmen and restaurants will probably drive many out of their respective markets.
Huge retail chains and franchised service providers are also expected to growingly threaten small business owners.
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